NASDAQ 100 Forecast Today - 11/07: Defies Gravity (Chart)
Date
7/13/2024 11:05:30 AM
(MENAFN- Daily Forex)
It's easy to see that the
NASDAQ 100 continues to want to go higher, and any time we get a little bit of a pullback, it seems like it is a nice buying opportunity. However, we have a lot to think about of the next couple of days, so I do think at this point in time a little bit of volatility would be expected.
However, the reality is that everybody is betting on the artificial intelligence trade, and of course there are a few other minor things going on that could push the market around. We have the CPI and PPI numbers coming out on Thursday and Friday, and that could be a major influence on what happens next. After all, if the market is going to continue to focus on the idea of what the Federal Reserve is going, then you have to be very cognizant of the fact that the inflation battle in the United States continues to be very difficult, and because of this I think you've got a situation where the slightest hint of the Federal Reserve not being able to add liquidity to the market will have people freaking out.
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Buying the Dips
I think at this point in time the only thing you can do in the NASDAQ 100 is continued to by the dips. That is certainly the way it has worked for some time, and I think at this point in time you will continue to see more of a“buy on the dips” mentality. This is the way the markets have been trained, that is simply looks for any sense of value and come up with the next narrative to start buying again. Ultimately, this is a market that I think given enough time will truly take off to the upside, yet again. That being said, the market is extraordinarily fickle so I would anticipate that there could be a lot of noisy and dangerous movement, but if you are cautious with your position sizing, you should be okay.
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