Nasdaq Forecast Today 15/08: Volatile Session (Chart)

(MENAFN- Daily Forex)

• The NASDAQ 100 has been all over the place during the trading session on Thursday, as we continue to see a lot of a noisy behavior, especially as we are fairly close to the psychologically important 24,000 level.
• If we can break above there, that would obviously be a very bullish sign, but at this point in time I think any pullback probably looks a lot like a potential buying opportunity.

The trading session on Thursday has been extraordinarily volatile, as the NASDAQ 100 , and every other index that I follow in the United States fell hard after the PPI numbers came out much hotter than anticipated. PPI was expected to come in at 0.2% month over month but had a reading at 0.9% instead! This of course has people worried about the idea as to whether or not the Federal Reserve was going to give them the sugar of an interest rate cutting cycle, which of course is like rocket fuel stocks.

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Since then, we have seen the markets turn around, only to turn around and fall later. In other words, traders just have no idea what to do with themselves, and ultimately, I think we have a situation where a lot of people will be looking at the markets as being extraordinarily difficult to deal with, so perhaps we get some type of pullback from here.

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The technical analysis for the NASDAQ 100 is obviously bullish from a longer-term standpoint, but it does look like we are getting a little bit exhausted. A pullback from here does make a certain amount of sense, especially after forming the shooting star during the trading session on Wednesday, and now it looks like we could drop to the 23,500 level, possibly even down to the 23,250 level. The 50 day EMA is currently at the 22,726 level and is rising so that it could offer a bit of support, as it has been a bit of support for several months. Quite frankly, the volume of course has dropped a bit in general, as we are in the middle of the vacation season. I look at this as a market you will be looking to buy on the pullbacks.

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