NASDAQ 100 Forecast Video for 02-02-2024
NASDAQ 100 Technical Analysis
The NASDAQ 100 has bounced a little bit from the 20-day EMA, showing signs of a move to the upside, closer to the 17,700 level. Underneath the 16,950 level, for me, is support, as it was previous resistance. And looking at this, any pullback at this point in time I think offers value. Keep in mind that Friday is the non-farm payroll announcement and we are now reversing traction from the sell-off from the Powell press conference, which is typical, quite frankly, Wall Street will believe what it wants to believe. And at this point, it believes that the Federal Reserve is going to do everything it can to bail everybody out. At this point, I am a buyer of dips.
I don’t see any reason to short this market, even though we had a couple of bad days in a row, because the reality is that we are very much in a huge uptrend. Remember, the NASDAQ 100 is based on a handful of stocks, so as long as they are doing well, then the NASDAQ 100 will do well. For example, paying attention to Nvidia and Tesla, Apple, and Microsoft, those types of stocks are what matters in the NASDAQ 100, so we’ll have to see how that plays out.
But clearly, people are looking for cheap money to pump up assets. That’s been the playbook since the great financial crisis and I just don’t see that changing because it’s been that way for about 14 years now. Non-farm payroll numbers, of course, could knock this thing down, but I’d be more than willing to buy this market all the way down to about the 50-day EMA. That doesn’t mean that I would buy huge positions, rather, I would build up a position incrementally as it is the safest way to “buy the dips” in a market that is so bullish and noisy to the upside.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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