The Nasdaq 100 was bullish on Friday, as we finally got the speech from Kevin Warsh, something we have been waiting for all week.
NASDAQ 100
The Nasdaq 100 has been a bit positive during the trading session, and we even had a speech by Kevin Warsh, Federal Reserve Chairman, that influenced the market as people continue to see a lot of concerns about risk appetite, the interest rate markets, the situation in the Middle East, and more. This will remain an issue, as there are so many moving pieces at the moment, and this doesn’t look very likely to be a problem for a while.
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Ultimately, we have bounced from the 50-day EMA showing signs of life, and now it looks like the market wants to try to at least look to the 30,000 level. The 30,000 level has been an area of pretty significant resistance recently, and because of this, I suspect you have a market that wants to try that area again, but we don't necessarily know that it will be easy to break through.
Technical Analysis
Ultimately, this is a market that I am bullish about, but I also recognize there's a lot of moving pieces out there. The market continues to see a lot of headline risk, and headline risk, of course, is something that's very difficult to deal with because you just never know when it's going to hit. This has been the issue for months, and although people are looking a bit more stable at the moment, the markets could be shocked easily, especially over the weekend.
Nonetheless, when you zoom out and look at the Nasdaq 100, it is a bullish index. There's really no two ways around it, and I think you have to believe this is a market that eventually will attract value hunters. We've had a couple of really good days here, nothing over the top, nothing explosive, so it seems sustainable.
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