(MENAFN- Daily Forex)

• The NASDAQ 100 has spent the last 3 days simply drifting sideways with a slightly negative bias, and Friday really wasn't anything different.
• We are in the quietest time of the year, and volume of course is probably lacking to say the least.
• Most institutional traders are away on holiday, so it all ties together for a certain amount of malaise in the market.

Whether or not we can continue to go higher isn't necessarily my concern, but I do recognize it may take a while to build up the necessary momentum to do that.

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The technical analysis for this market is obviously very bullish, as we had all-time highs just a couple of days ago. That being said, we ended up forming a shooting star during the Wednesday session and that might signify that we need to pull back a bit. A pullback in this market is simply going to end up being a buying opportunity before it's all said and done, with the 23,250 level being a very interesting support level for me. On the other hand, if we break above the top of that shooting star from Wednesday, then we could take out the 24,000 level, and go much higher MalaiseEURUSD Chart by TradingView

I think the biggest problem of course is going to be the fact that we are in the middle of summer, which isn't exactly the easiest time of year to trade because we just don't have the liquidity that we typically will other times of year. Nonetheless, I think we've got a scenario where if we do in fact pull back, there are probably plenty of trend followers out there who are more than willing to get involved in take advantage of“cheap contracts” in the NASDAQ 100. Remember, everybody is still trying to trade the“Artificial Intelligence trade”, which of course is skewed heavily to the NASDAQ 100.

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