NASDAQ 100 Forecast: Launches After CPI
Date
11/15/2023 2:20:36 PM
(MENAFN- Daily Forex)
The NASDAQ 100 has taken off to the upside after the CPI numbers in the United States were cooler than anticipated. That's as Wall Street celebrating the potential recession going forward, as hopefully people will start to lose their jobs. (Their hopes, not mine.)
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If the
market were to pull back from here, it will more likely than not offer a bit of support, as we have so much in the way of upward momentum. The 15,500 level should offer a significant amount of support as well, as traders are stepping in and trying to pick up risk assets as Wall Street expects a recession to force the Federal Reserve to start slowing down its monetary policy. The size of the candlestick of course is somewhat impressive, and it does show that there is more of a run toward the stock markets. Keep in mind that there's only a handful of stocks that drive the NASDAQ 100, so as long as the big“magnificent 7” continue to rally, that will drag the rest of the NASDAQ 100 right along with it for the“Santa Claus Rally”
Underneath, the 15,500 level will be support, right along with the 50-Day EMA and the 15,250 level as well. All things being equal, does look like we are heading toward the 16,000 level, perhaps in the next few days. We are a little overextended, so I do like the idea of buying short-term pullbacks, assuming that they show signs of support . I may have to drift down into the one hour chart, and therefore I think we have a situation where the short-term traders will continue to get involved in the market every time they can pick up“cheap stocks.”
I don't like chasing this market all the way appear, so if you have missed this move, that's fine, just wait for value to appear, because the NASDAQ will give you that opportunity from time to time, and now it's just simply a matter of being patient enough to take advantage of these opportunities that they get. If we managed to break above the 16,000 level, that could bring in a huge“FOMO trade” into the end of the year. After all, Wall Street is looking for the“Santa Claus rally” that they all are harping about on financial media channels during the day.
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