Nasdaq Forecast 22/12: Cash To Openai (Video)

(MENAFN- Daily Forex)

• The Nasdaq 100 surges on AI-related optimism, supported by sovereign wealth fund activity and year-end positioning.
• Technical structure remains bullish, with dip-buying favored and upside targets intact heading into year-end.

The Nasdaq 100 has taken off to the upside, which I think was probably partially helped by the Sovereign Wealth Fund, or a couple of them actually, in the Middle East, putting money into OpenAI. After all, the artificial intelligence boom has been what the stock market's been about for some time. NVIDIA jumps, other AI-related stocks jump. The next thing you know, you have a positive index. Furthermore, this is a market that quite frankly, I don't think was that bearish to begin with.

Year-End Positioning and Trend Structure

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I think this is a situation where you have a little bit of year-end subtle movement that is more or less about squaring up positions before reporting for the new year. This is still most certainly a strong uptrend, and I don't see that changing anytime soon, at least not until we break down below the 23,250 level, an area that we are light years from at the moment. This is a good candlestick for the day. Yesterday was a nice rally as well. So, Thursday and Friday are really turning things around.

EURUSD Chart by TradingView

If we can stay around here, we'll end up forming a hammer for the week, suggesting that maybe there is a Santa Claus rally next week after all. 26,000 would be your target. Whether or not we can make a fresh new high between now and the end of the year, that might be a little bit of a stretch, but it certainly looks like it remains a buy on the dip scenario. And I would also point out that if we were to be able to break above the Monday highs, breaking above the top of that inverted hammer, that's one of my favorite signals, actually, so I remain bullish here.

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