NASDAQ 100 Forecast: Tries Upward Momentum
Date
11/10/2023 2:18:52 PM
(MENAFN- Daily Forex)
The NASDAQ 100 has rallied during the trading session on Thursday, as we continue to see the momentum pickup to the upside in general, after all, the NASDAQ 100 is a market day continues to be very noisy and we have recently broken out of a descending channel. All things being equal, the market were to pull back, it's likely that we would see buyers underneath.
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If we break above the top of the candlestick for the trading session on Thursday, then the market is likely to go looking to the 15,600 level, which was a major swing high. Clearing that level then opens up the possibility of the 16,000 level. Ultimately, this is a situation where the NASDAQ 100 continues to get pushed up by a handful of stocks, and of course there for as long as you are paying attention to Tesla, Microsoft, etc., you can get an idea as to whether or not the market is going to go higher or lower Shorting this MarketUnderneath, the 50-Day EMA offers support as well, so therefore I think it's a situation where the market should find plenty of buyers underneath, therefore I think that anytime we draw from here, there will be plenty of interest in the market. I think at this point it does make a certain amount of sense that we continue to see a lot of volatility after all the earnings season is currently going on, and that of course will continue to cause a bit of noisy behavior.
In general, I think the market breaking down below the 50-day EMA could open up a move down to the 14,500 level, which of course would be a significant area where a lot of people have found support previously. If we break down below, then the market is likely to continue to test the 200-day EMA. That's an area that a lot of technical traders will be paying close attention to, so therefore you need to look at it through the prism of potentially buying based on value. I don't have any interest in shorting this market, because quite frankly the market has seen far too much in the way of resiliency to try to fight it. The amazing amount of volatility will continue, so make sure you are cautious with your position sizing.
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