Nasdaq Forecast Today: Approaches The 20000 Level (Video)

(MENAFN- Daily Forex)

• The Nasdaq 100 was rather bullish during the trading session overall on Thursday, but we did give back about half the gains as we struggled with the 200-day EMA.
• That's not a huge surprise when you think about it because we have the non-farm payroll announcement coming out on Friday and a lot of traders probably don't want to be overly exposed to the markets in this environment.

With that being said, this is a market that is looking at the 20,000 level. And I think the 20,000 level will continue to have a certain amount of importance attached to it from a psychological standpoint. Over the longer term, I think you have to understand that the Nasdaq 100 is a little bit more volatile and perhaps sensitive to tariff situations between the United States, China and Japan. So, you'll have to watch a lot of different things, but the one thing that I do recognize here is that the Nasdaq 100 certainly has upward momentum.

If We Drop, Will Buyers Jump In?

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So, I suspect if we get some type of sell off on Friday, it might end up being a buying opportunity. I would anticipate a lot of support near the 19,130 level, which is an area that's shown to be important a couple of times. If we take off and break above the 20,000 level, it very well could send the NASDAQ screaming higher.

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Keep in mind that we are also in the midst of earning season and with Meta and Amazon both having earnings calls over the next 24 hours, it does make sense that there is a lot of back and forth here. Again, I think looking for a dip and a bounce so that you're on the right side of the V when you start buying is probably the easiest trade here.

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