The NASDAQ 100 has shown itself to be slightly positive on Friday, as the markets are heading into the weekend fairly strong. However, headline risks continue to be an issue here.
NASDAQ 100
The NASDAQ 100 has shown itself to be slightly positive, but at this point in time, market participants continue to be a little bit hesitant, and that does make a certain amount of sense considering that we are heading into the weekend, and this weekend could have who knows what as far as headlines coming out of the Middle East.
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The NASDAQ 100, though, is faring pretty well against the backdrop of the earnings season, and the AI trade continuing to be in flux, just depending on the week. But all things being equal, it looks like we just broke out of a bullish pennant or, if you don't want to give it that much space, a pretty significant ascending triangle.
Technical Breakout and Buying Opportunities
Either way, it all says from a technical analysis standpoint that buyers are looking to get involved. Short-term pullbacks could end up being nice buying opportunities with the 50-day EMA underneath offering a little bit of support.
I do think that there's a lot of noise just above, but ultimately, I remain bullish. I've got no interest whatsoever in shorting the NASDAQ. It's not even built to go down; otherwise, it would be equal-weighted, so this means that a handful of companies can keep it afloat.
With this being the case, I like the NASDAQ. I just recognize that you'll probably have to be somewhat patient. We also have to worry about a gap on Monday. We'll just have to see how that plays out, but ultimately, this is a very bullish-looking chart, and there's really nothing here that has changed.
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