(MENAFN- Daily Forex)

• The NASDAQ 100 has been explosively bullish for several months now, and the month of October was no different.
• By the end of the month, the market had seen quite a bit of bullish pressure, as the anticipation of interest rate cuts coming from the Federal Reserve had supercharged technology stocks and risk appetite around the world in many different assets.

Technical Analysis

The NASDAQ 100 has broken the top of an uptrending channel, suggesting that there is a bit of an acceleration of momentum. Market participants will look at this as a very strong trend, and I suspect that any time it pulls back during November, there will be value hunters willing to get involved. I also recognize that the 25,000 level being broken to the upside is an extraordinarily important factor, and now the 25,000 level should be a significant support level, as“market memory” will be important.

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Ultimately, the market is likely to go looking to the 27,000 level by the end of the month at the rate of acceleration that we have seen. However, there will be occasional sharp pullbacks in a move like this, but those who are willing to step in and pick up the bounce will be rewarded unless something drastically changes with the overall interest rate outlook. The last couple of weekly candlesticks have been very impulsive, and that suggests that more traders are starting to jump in and take advantage of the momentum. I believe momentum traders will continue to look at this as an interesting play, and therefore, short-term traders will be potentially attracted to the NASDAQ 100 for not only short-term trading but also intermediate trading.

EURUSD Chart by TradingView

If the market were to break down below the 25,000 level, then it could test the uptrend line from the previous channel, but typically, when you see a market that has broken out above the top of an uptrending channel, the market ends up being very impulsive, and pullbacks will probably be violent, but short-lived to say the least.

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