Nasdaq Forecast Today 06/06: Stalls Pre-NFP (Video)

(MENAFN- Daily Forex)

• The Nasdaq 100 has seen a lot of volatility during the trading session here on Thursday as we are getting close to the non-farm payroll announcement on Friday.
• And I think that it is likely to continue to see the markets kind of holding their breath now.
• There's a lot of noise going on at the same time and we are a little overextended.

So, what I'm looking for is some type of pullback towards the 21,400 area perhaps to start buying. The candlestick does look like a shooting star and that is a little bit troubling, but quite frankly, it's a bit much to ask the market to hang on to all of these gains heading into a non-farm payroll event.

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You also have this big nasty supply candlestick just above that we are starting to fail from. So, a pullback from here would make a certain amount of sense, but we'll just have to wait and see how that plays out. This is a market that I think is going to have to come to grips with the reality of the world. And right now, we don't really have a whole lot going on to justify some of the ridiculous behavior that we've seen. There is always the threat of tariffs.

Moving Target?

I'll have to wait and see if that's actually a thing though, because it does seem like it's a moving target. There was a talk between the Chinese and the Americans suggesting that maybe we're at least trying to pretend like we're going to do something between the two nations. But really at this point time, I think you've got a situation where the market's just a little overdone in the short term.

With a massive move after the non-farm payroll announcement, I'd be looking to buy the dip. Now, where is the real question. And I think there are multiple levels underneath. You'll just have to wait to see if you can find something like a V pattern, a drop and then about. That could be right away at the 21,600 level. It could be down to the 20,900 level. You just don't know.

EURUSD Chart by TradingView

I do suspect that Friday will be very noisy. I think though, by the end of the day, there's a huge miss on the jobs number, which is expected to be about 122,000, then you've got a situation where the market probably makes a lot of noise, but not a lot of movement on the close. So, we'll see. This is a tough day to trade. Most of the time I just use it for analysis to see, okay, well, what's the jobs situation in America? Will that help or hurt Wall Street going forward? It doesn't always line up like you think. A pullback is probably more likely than not, that pullback more likely than not will find buyers.

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