(
MENAFN- Daily Forex)
The NASDAQ 100 initially tried to rally during the trading session in the premarket hours of Wednesday but gave back those gains rather quickly. However, it's probably worth noting that we are sitting right at a major support level, and the damage during the trading session on Wednesday was minimal at best. Further increasing the possibility of a little bit of hope is the fact that interest rates in the 10 year of the United States have dropped a bit, and that gives you the opportunity to breathe a sigh of relief.
At this point in time, the 50 Day EMA is sitting in the same area, which of course is the 21,000 level, an area that has been important and is a large, round, psychologically significant figure that a lot of people will be watching. At this point, I think it's probably only a matter of time before we get a little bit of a bounce, especially with growth accelerating in the United States. However, I also recognize that there are a lot of concerns about the bond market, so that's probably the one thing that I think continues to see a lot of trouble.
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Technical Analysis
At this point, the technical analysis for this Nasdaq pair is a bit mixed, but it would make a certain amount of sense, considering we are heading into the new year with a lot of questions to ask, but I think longer term it's very likely that the NASDAQ 100, as well as other indices in the United States, should continue to see buying pressure as the Trump administration should be a very pro-business market.
We can break above the highs of the trading session on Wednesday, then I think that allows this market to rise toward the 21,500 level. However, you also have to keep in mind that the technical analysis is likely to continue to see a little bit of sideways action as we have seen such a massive move higher, and at this point I think a lot of nervous traders are out there. However, it's also worth noting that we are most certainly in an uptrend, and that has not changed.
EURUSD Chart by TradingView
Even if we break down from here, the 20,680 level has a little bit of a minor“double bottom” that could come into the picture, followed by the 20,000 level underneath there. I have no interest in shorting the NASDAQ 100 but would revisit things if we could drop all the way down to that 20,000 level. The jobs number coming out on Friday of course has a major influence on what happens next, but keep in mind that those reactions tend to be short-term.
Ready to trade stock market analysis ? Here's a list of some of the best CFD trading brokers to check out.
MENAFN09012025000131011023ID1109073982
Comments
No comment