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The 14,600 level has been both support and resistance, so a certain amount of “market memory” could come into the picture this point.
- The NASDAQ 100 bounced during the trading session on Monday, as the 50-Day EMA continues to offer support.
- Furthermore, it’s very likely that the market will continue to see a lot of upward trajectories since Wall Street always has narrative device stocks.
- Keep in mind that this is a market that has had a lot of volatility, but if we can bring about the 15,250 level, then the market could go look into the 15,500 level.
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Keep in mind that we are going to be seeing a major options expiration on Friday, so the next couple of days could be a bit of a move to the upside, but we probably have a lot of volatility in the end. At this point, markets do still look like they see an upward trajectory more than anything else, especially with the 16,000 level above offering a little bit of a double top. It looks like we are trying to get there, and if we can break above there, then it is likely that the market could go much higher.
On the other hand, if we were to break down below the bottom of the candlestick from the last 2 days, it’s likely that the market could go down to the 14,600 level. The 14,600 level has been both support and resistance, so a certain amount of “market memory” could come into the picture at this point. Keep in mind that the NASDAQ 100 is driven by just a handful of stocks, and that will continue to be the way forward. Ultimately, I think that you continue to be a buyer dip, and it certainly looks as if Monday continues to see more of that.
In general, this is a situation where I think you continue to see a lot of volatility, but I don’t really see any reason to short this market anytime soon, because quite frankly it seems like the narrative for higher stocks continues, even though the economic picture out there is not necessarily so strong. All things being equal, the market continues to favor a handful of stocks, and as long as that’s going to be the case, it’s very likely that we could go much higher. Noise will continue to be a major problem in this index.
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