The Nasdaq 100 has spent the better part of Thursday trading trying to recover, as we are now facing the specter of the Non-Farm Payrolls number on Friday, which could be a big market mover.
Nasdaq 100
The Nasdaq 100 has spent the better part of the early trading session looking to continue to go to the upside after selling off previously in the week. Ultimately, we are dancing around the overall 50-day EMA glide path, and with that being the case, it does make a certain amount of sense that we see noise.
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Furthermore, you have to keep in mind that Friday is non-farm payroll, and that in and of itself will cause a lot of noise. Also, the 28,500 level is an area that's been support more than once, and therefore, I am looking at that as at least a potential floor in the market.
Federal Reserve Expectations and Key Support
Obviously, the announcement on Friday will have a major influence on where we go next as traders try to determine where the Federal Reserve may go next. There are a lot of concerns about interest rates being jacked up, and with that, it is worth noting that the 4.76% 10-year yield that we see as I record this video is rather stout and does suggest that there are some concerns, but I also recognize that we have a situation where traders are just simply killing time ahead of what could be a major market-moving event.
The technology sector is moving on the latest AI headlines as per usual, and I just don't see how AI gets eliminated from the question. So a lot of this is going to come down to that latest narrative. I do expect a lot of volatility early on Friday, but all things being equal, this is a longer-term uptrend.
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