Nasdaq Forecast Today 18/07: Breaks Higher (Video)

(MENAFN- Daily Forex)

• The Nasdaq 100 has shot higher during the trading session here on Thursday, but breaking above the top of the shooting star is a very bullish sign.
• But I think we're going to have more of a grind higher mainly due to the time of year and the fact that the volume isn't exactly impressive.
• So, I think this is going to be what some traders will refer to as a“zombie rally”.

We're just going to grind to the upside. And if you think about it, it's not a real stretch in this market because, you know, let's be honest, nobody really wants to short the NASDAQ anytime soon. And of course, you have to keep in mind that there's been a couple of times where we've done this previously. So, for example, this area here right around May, we just kind of drifted higher and it looks like we could very well find ourselves in that same situation. So, what does this mean? This means as a trader, you're looking for short-term pullbacks that you can take advantage of. You clearly, you clearly, clearly, clearly cannot short this market right now considering that it's just drifting higher in the dead of summer. It'll be interesting to see how this plays out in fall.

Big Support

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I see the 22,250 level underneath as a major support level as it was a previous swing high, but I don't think we get there. think 22,500 is probably going to end up being support. And even that might be difficult to get to. The signal for me is when you get a shooting star and then a hammer, and then you break above the top of the shooting star.

EURUSD Chart by TradingView

This shows that we've gone back and forth for a couple of days and the buyers are starting to win the argument. Given the fact that it's in the trend, I am not surprised. That's what I would have expected eventually. Lack of volume is the only thing that makes me a little hesitant. And by hesitant, I mean, I wouldn't pile into this market. I don't expect it to just take off to the upside, at least not without some type of catalyst, but clearly, we want to go higher.

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