NASDAQ 100 Signal: Takes Off

There should continue to be plenty of volatility as larger traders are putting positions on for the year, and a lot of times this big money has to be scaled in.

  • The NASDAQ 100 initially pulled back slightly during the trading session on Monday, but turned around right at the open in New York, to take off and reach toward the 16,500 level.
  • Whether or not we can continue to go higher remains to be seen but we certainly have a lot of momentum at the moment.
  • After all, Wall Street is still celebrating the idea that the Federal Reserve might cut interest rates multiple times in 2024, and that of course helps all of the usual suspects.
  • It’s worth noting that the market has broken above the 20 day EMA, so that of course is something that captures the attention of traders as well. At this point, I think that we would very likely visit the highs again, but it may be a very noisy move toward that region. If and when we reach the highs, it’ll be interesting to see if we can break out, but the NASDAQ 100 has been a leader for many other stock indices, so even if you are not trading the NASDAQ 100, it’s worth noting what’s going on over here. VolatilityThere should continue to be plenty of volatility as larger traders are putting positions on for the year, and a lot of times this big money has to be scaled in. What this means is that traders will continue to come back to the market multiple times, especially when it comes to the usual positions, because everybody is involved in Apple, Tesla, Amazon, etc. Remember, the NASDAQ 100 is actually just a handful of stocks, so if all the usual suspects are rallying, then the NASDAQ 100 will come right along with it. The short-term pullback should continue to be buying opportunities unless, of course, we break down below the 16,000 level, which could signal a little bit deeper of a correction, something that doesn’t necessarily perish, just something that could be used to work off some of the excess profit we have seen over the last several months.More By This Author:Ethereum Forecast: Look For A Final Push BTC/USD Forecast: Looks Bullish OverallEthereum Forecast: Finds Buyers On The Dip Yet Again


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