NASDAQ 100 traders have tried to push the market higher early on Monday, but have seen a bit of hesitation, as we are looking at a market that has a lot of concerns involving AI and real rates being positive.
NASDAQ 100
The NASDAQ 100 initially rallied during the trading session on Monday. Although we're still positive as I record this, you can see that we have clearly given back quite a bit of the gains. Struggling to hang on to the rally is not the look that you'll be wanting to see if you're bullish. This move during the session is concerning, but not ominous.
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It is also worth noting that we have the 200-day EMA sitting just below, and that in and of itself could offer a bit of support as well. Rates are dropping in America, but there are a lot of concerns out there when it comes to the artificial intelligence trade and the money situation there.
If we break above this level, things get interesting
Ultimately, if we can turn around and break above the 29,000 level, then I think the NASDAQ 100 shows real strength. We are still very much in larger consolidation, but it's very sloppy, to say the least. Therefore, I think you've got a market that is trying to figure out what to do next.
If we were to break down below the bottom of the Friday candlestick, that could open up a move towards the 27,000 level. If we break above the 29,000 level, then it is possible that the market could make that jump above 29,000, with the 30,000 level potentially becoming a target.
Ultimately, though, it'll be interesting to see what it is that can turn the market around because, quite frankly, it looks very anemic. This will continue to be a market that has to sort out where we are going longer-term.
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