Nasdaq Forecast Today 31/01: Holding Steady (Chart)

(MENAFN- Daily Forex)

• The NASDAQ 100 was essentially flat during the trading session on Thursday as we continue to see a lot of questions asked about this market.
• The market continues to worry about technology, so that does make a certain amount of sense, as the earnings calls for Tesla, Microsoft, and Meta were all at the end of the day on Wednesday, and there were somewhat mixed reactions, especially with Microsoft taking a massive hit at the open.

That being said, the reality is that technological stocks continue to be a major driver of the US economy, and I think we've got a situation where traders will look at this through the prism of perhaps getting an opportunity to buy value on dips, but right now it looks like a market that just doesn't really know what to do with itself.

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After all, we have recently seen a massive selloff due to the DeepSeek benchmarks coming out as well as they did, but at the end of the day there are still a lot of questions to be asked about this new Chinese AI, and whether or not it is simply stolen IP, based on some of the claims made by other AI companies. Furthermore, there are also concerns about censorship, and a whole plethora of other issues as some users have been able to have DeepSeek admit that it could possibly collect all of your information and send it back to China. In other words, the West is not exactly ready to jump on the bandwagon, despite the fact that many kids are putting it on their phones Analysis

EURUSD Chart by TradingView

The technical analysis for this Nasdaq market is essentially sideways, but it's probably worth noting that that's actually a good thing at the moment. There is a significant amount of support at the 21,000 level, just as there is a significant amount of resistance at the 22,000 level. The market going sideways of course does open up the possible“range bound trade”, but I prefer to be a buyer of dips at this point, as the market is in a strong longer term uptrend, it should continue to be so going forward.

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