(MENAFN- Daily Forex)

• The Nasdaq 100 continues to consolidate near resistance, with dip-buying interest likely to remain strong into December.
• While the uptrend persists, a break below key support could shift momentum toward a deeper corrective phase.

The Nasdaq 100 has been choppy and sideways during the trading session on Thursday, as we are just kind of hanging out and trying to figure out where to go next. The market is threatening the 25,700 area, which is previous resistance, and if we can break above there, then we could look at the 26,250 level.

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All things being equal, I think we're in a situation where short-term pullbacks end up being buying opportunities, especially as we get close to the $25,000 level. The 50-day EMA is sitting right there as well, and I think, given enough time, there would be a lot of value hunting in that region. Keep in mind that the Nasdaq 100 is typically positive in December, and therefore, I think a lot of traders are going to be looking to buy the dip, which we've seen over the last couple of weeks.

Resistance Tests and Trend Structure

Now the question is, can we get above the recent resistance? By doing so, the market will continue to see buyers jumping in and taking advantage of any value. So with all of this, I like the uptrend, and I think the uptrend continues to be something that you should follow, but that doesn't necessarily mean that it's going to be easy.

EURUSD Chart by TradingView

I really don't have any interest in shorting the Nasdaq 100 because, quite frankly, it's not even designed to fall. But if we do break down below the 24,000 level, that would be a very negative sign, and perhaps we would have a larger consolidation followed by even further decrease in the price. I'm positive about the market. I am bullish, but I also recognize that we may have some work to do, as we had been straight up in the air for several months.

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