The NASDAQ 100 has been fairly quiet and range-bound during the session on Tuesday, as we wait for external factors to resolve.
NASDAQ 100
The Nasdaq 100 has been fairly choppy during trading on Tuesday as it just seems like the markets don't have anywhere to be. That's not a huge surprise considering we are in the middle of earnings season, but more importantly at the moment, we have a lot of questions to ask about the Middle East in general.
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The situation between the United States and Iran doesn't seem to be getting any better, although I don't know that it's getting worse. It's just kind of stuck. And as long as we have egos in the way on both sides, an actual ending of the conflict is probably not going to happen easily. That being said, it's clear, and traders have certainly voted this way over the last couple of weeks, that people want to own US equities in general.
The recent shot higher was very positive, and now we spend a couple of days trying to figure out whether or not we have enough momentum to continue going higher.
The 30,000 Level is the Next Major Barrier
If we do, the 30,000 level is the next major barrier that I think we need to overcome. Breaking above there on a daily close could send enough confidence into the market to push things higher, but in the meantime, it looks like we're content to simply go back and forth.
I look at the 50-day EMA underneath as a potential support level, followed by the 28,500 level, an area that historically has been both support and resistance. Ultimately, I do not wish to short this market, but the elevated interest rates are not helping the Nasdaq 100 by any stretch of the imagination. So with that being the case, it does make a certain amount of sense that we are a bit stagnant in this environment.
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