The Nasdaq 100 has been bullish for some time now, but the last few days have been a bit choppy. This is a market that will continue to see the 30,000 level as important resistance.
Nasdaq 100
The Nasdaq 100 has been very noisy for traders to navigate during the early part of the Monday session as the 30,000 level above is a significant barrier. The 30,000 level above is a significant, large, round, psychologically significant figure, and this is a significant area that's been important multiple times. But if we were to break above there, then the market could go looking to the 30,500 level.
Top Regulated Brokers
Short-term pullbacks at this point in time should see buyers willing to get involved on dips with the 50-day EMA sitting just below the 29,000 level. The 50-day EMA is a very important technical indicator for longer-term traders, and that will be watched closely.
Earnings Season and Interest Rate Dynamics
The interest rate situation in the United States is still fairly elevated, and at this point in time, it's likely that we could see a lot of back-and-forth choppiness and perhaps digesting of the froth from the shot higher. We are in the midst of earnings season, and of course, people are still paying close attention to the nonsense coming out of the Middle East and wherever that ends up driving interest rates and the overall supply chain, as well as so many other factors.
While that doesn't directly influence a lot of technology companies, it influences some, and it influences risk appetite. So, I think you continue to see a lot of noise, but this is a bullish market over the longer term, and therefore, I give more credence to buying signals than selling, as the trend is so entrenched over the last several months.
Ready to trade our stock market forecast and analysis? Here are the best CFD stocks brokers to choose from.