Nasdaq Forecast Today - 24/12: Tests Resistance (Video)

(MENAFN- Daily Forex)

• The NASDAQ 100 has rallied a bit during the session here on Monday to show signs of life as we are chasing the highs from the Friday session.
• This is an area that I think a lot of people will be watching closely and I'd be very interested in buying this market on a breakout to the upside.
• It could really send things much higher.

With this, you have to think of it through the prism of whether or not we are going to continue to see momentum, and perhaps traders try to chase some type of return late in the year. We have Christmas on Wednesday, obviously, and that could have a major influence on liquidity, which could also drive the market a bit higher at the end of the year. So that'll be very interesting to keep an eye on.

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Ultimately, I think short-term pullbacks will continue to be buying opportunities in the Nasdaq market that is extraordinarily strong. Therefore, I look at the 21,000 level as a situation where we should see plenty of support, especially with the 50 day EMA hanging around in the same area. With all of this, I am bullish, but I also recognize that, you know, let's be honest here, this is a very thin time of year. So, while we probably drift towards the 32 or 22,000 level, we have a situation where you could get sudden moves in both directions. Just be careful with your position sizing and all should be okay. You keep an eye on the fact that liquidity is going to be a major issue, and I do think that could freak a lot of people well. Nonetheless, we have a clear trend and I just don't see that changing anytime soon. This of course is despite the fact that Jerome Powell tried to kill the market last week.

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