NASDAQ 100 Technical Analysis
The NASDAQ 100 rallied rather significantly during the week but also gave up quite a bit of the gains late in the week on Thursday as interest rates spiked again. That being said, we have made a fresh new high and that typically means that we have further to go. And quite frankly, with the earnings that have come out of major companies such as Nvidia, it’s difficult to believe that the trend is going to change anytime soon.
I think this is a situation where you are simply jumping into the market and taking advantage of any value that appears. Ultimately, I have no interest in being short of this market, with the 17,850 level being a particular interest area for me, as it should be support.
And if we break down below there, then the 17,000 level is a major also. If we can break above the top of the week candle, then we could go much higher. Keep in mind that it is Memorial Day on Monday. So going into this week, it’s going to be very quiet for a moment before we get any real liquidity or any volume into the market. Regardless, this is a positive market, not a negative one. And you need to treat it as such. I have no interest whatsoever in trying to short a market that has been this bullish for so long. I suspect that we will continue higher as long as the market continues to see earnings impress like they have.
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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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
