(MENAFN- Daily Forex)

• The NASDAQ 100 has broken down a bit during the trading session here on Thursday as it looks like we're heading back to the 25,000 level.
• The 25,000 level is an area that has been important a couple of times.
• Now I think we've got a situation where traders will continue to look at this as a market that remains a“buy on the dip” situation, and this is a market that probably pays close attention to the 25,000 level as a potential bounce area because of psychology more than anything else.
• But even if we break down below there, I think there are plenty of areas all the way down to the 50 day EMA and an uptrend line that I think comes into the picture to offer a bit of a floor.

Longer-term, the NASDAQ Remains Strong

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Ultimately, this is a market that given enough time, I do think goes looking at the 26,000 level, we do continue to see a lot of volatility. But as long as we are in this AI bubble, it's really difficult to short the Nasdaq 100 because so much of it is just these handful of companies. Ultimately, though, I do think like I said, we go higher worth the top of a channel, we are a little extended, but we're at a large, round, psychologically significant figure.

Those are all reasons to think that the market might take a little bit of a stumble here, but I don't think it's a trend change in the making anytime soon.

EURUSD Chart by TradingView

I prefer to look at drops as value that we can take advantage of as we should continue to see buyers jumping into the index to take advantage of the overall momentum that we had seen previously.

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