Nasdaq Forecast Today 03/02: Climbs Higher (Chart)
(MENAFN- Daily Forex)
During my daily analysis of major indices around the world, one of the first places I always look at is the nasdaq 100, because it is such a highflyer most of the time. It's probably worth noting that market participants continue to be very bullish of this market, despite the fact that Donald trump is threatening the terror of both Canada and Mexico. This probably won't do too much to the US Economy before it's all said and done, and it's probably worth noting that any sizable tariff that the president does put on other countries will more likely than not get them to bend the knee fairly quickly.
This is exactly what Wall Street thinks, because a 25% tariff on the Canadian economy would crush it. The same can be said for Mexico. In other words, almost as soon as the terrorists are slapped on, there would probably be some type of negotiation If Tariffs Remain for a While
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Even if there isn't, the United States economy is growing like gangbusters, and this has people looking at the technology sector for a bit of a boost. Furthermore, economies around the world continue to struggle so the first place that money goes running to is the United States. Beyond that, the latest earnings calls for most technological companies were very strong, and therefore it makes sense that the NASDAQ 100 would continue to be a huge mover. Ultimately, I do think that you have plenty of buyers on dips, and it would have to look at this as an opportunity each and every time I get offered cheaper stock.
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The 50 Day EMA sits underneath and could offer technical support going forward, and I think that is something worth paying close attention to. The 21,000 level underneath will end up being a support level as well, so all things being equal, this is a market that I think continues to look very attractive.
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