Nasdaq Forecast 30/07: Volatile Moves Ahead Of Fed (Video)

(MENAFN- Daily Forex)

• The Nasdaq 100 continues to see a lot of noise at the moment, but I think what's truly telling is that we tried to rally and then gave back quite a bit of the gains rather quickly.
• Ultimately, this is a market that I think may have gotten a little bit ahead of itself.
• And now in the afternoon in New York, we have seen traders step away from the market, perhaps in a way to get out from underneath the Federal Reserve.

The interest rate decision on Wednesday will be a factor in where we go next. So, it's worth noting that although no interest rate decision is expected, the tone of the statement and press conference will be put under a microscope. So, I think a lot of people we're just simply getting out of the market ahead of what is a very dangerous moment.

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Pullbacks at this point in time make a certain amount of sense. And I think the 23,000 level is an area that a lot of people will continue to watch as a potential floor in the market. If we can stay above there, then I think we will just continue the uptrend. But if we were to break down below it, then we could be looking at the 22,500 level of things being equal.

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This is a market that I have no interest in shorting despite the fact that we have seen a pretty brutal sell-off in the afternoon or late morning in New York. Nonetheless, we go higher over the longer term. I think if we do get some type of panic sell-off, that's just going to end up being a buying opportunity and you want to buy on the right side of the V after the bounce.

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