(MENAFN- Daily Forex) The Nasdaq 100 is near the 25,650.00 ratio in early futures trading this morning with fast changes of values quite prevalent, this as investors and speculators collide and try to gauge market sentiment.

The Nasdaq 100 was touching all-time record values last Thursday when it attained values around the 26,300.00 vicinity briefly. However, the higher realms did not hold and selling has come into the equity markets since Thursday's euphoria. While the Fed did cut its Federal Funds Rate as expected by a quart of a point to 4.00%, the Fed refused to give a definitive answer about what it will do in December.

This lack of clarity could be a big factor some larger players have turned cautious the past couple of trading sessions, but nervousness could also be coming from U.S election worries today, and the U.S government shutdown which continues. Selling could also be seeing influence from profit taking via traders who want to make sure they cash out profits attained the past couple of months. Day traders who are counting on the selling in the Nasdaq 100 to grow into a steep decline should be extra careful.

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While the Nasdaq 100 certainly showed the capability of moving above the 26,000.00 level rather easily, the ability of the index to swift step downwards should be a warning sign for speculators who think betting on momentum is an easy job. Sentiment is likely to remain rather cautious today and tomorrow as noise seeps into the financial markets from the media. The potential of sudden reversals higher have to be taken into consideration too.

Yes, the Nasdaq 100 has the capability to sustain selling and move lower too. Day traders are advised to practice caution today and tomorrow as market sentiment is interpreted and eventually changes course again. Nervousness may be in effect today because of the election for Mayor in New York City too which will have results tomorrow most likely. While on the surface the Mayor's race may not have any real impact on what the value of the Nasdaq 100 is supposed to be, investors may react to noise and nervousness near-term.

EURUSD Chart by TradingView25,600.00 Level and Gap Ratios

The Nasdaq 100 can move lightning fast. Speculators should watch the markets now trading, and compare this to when the U.S investors return to their desks in the coming hours.

• The 25,600.00 level below could become a focal point if it is challenged below.
• The Nasdaq 100 has a rather large gap between the 25,600.00 level and the 25,450.00 mark which was sparked by a sizeable gap via a jump higher the 27th of October.
• Day traders technically should watch lower levels carefully.
• And day traders should remember the Nasdaq 100 can certainly selloff fast, but it has a vast ability to suddenly spark higher and sustain velocity if positive impetus comes into the market.
• Conservative traders may be wise to sit on the sidelines today and watch the market action as observers.

Nasdaq 100 Short-Term Outlook:

Current Resistance: 25,690.0

Current Support: 25,615.00

High Target: 25,810.00

Low Target: 25,405.00

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