Nasdaq Forecast 11/07: Continues To Consolidate (Chart)

2025-07-11 04:08:38

(MENAFN- Daily Forex)

The NASDAQ 100 has been all over the place during the trading session here on Thursday, as we continue to see buyers come in on each and every dip.
This is a market that previously had been very bullish, so the fact that we are sitting here grinding back and forth makes quite a bit of sense as we are trying to work off some of that excess froth.
With this being the case, I like the idea of buying dips going forward, especially after the price action that we have seen during the day on Thursday.

This isn't to say that we can't break down, but I think there is a massive amount of support near the 22,250 level, which was a previous swing high. As long as we can stay above there, I have no interest in shorting the NASDAQ 100 , not that I necessarily like to do that, as indices are not equal weighted, meaning that they are built to go higher over the longer term anyway. Ultimately, this is a market that I think every time it dips, you have to start to think that there are buyers out there willing to get involved.

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As I mentioned previously, the 22,250 level matters for this market, and as long as we can stay above there you have to have a bit of an upward bias as far as your thinking is concerned. If and when we break down below there, then things get a little dicier, but as things stand right now, the market has shown that wants to go higher regardless of the news flow, and of course whether or not things that should bring down the market come out, only to be ignored. That tells you everything you need to know, as we continue the overall grind higher, in what is typically a very slow time of year, the summertime. Markets that are quiet are not to be shorted, and this is a perfect example of that old axiom.

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