- The NASDAQ 100 continues to look strong overall, but is also trying to deal with thin trading on Friday, as Europeans are largely gone, and the futures markets are shortened for the session.
- The NASDAQ 100 looks like it is trying to stretch a bit in thin Friday trading.
- Keep in mind that although it is not technically a holiday, there is an early close for the NASDAQ 100, and most traders won't return back to work until Monday or possibly even the following Monday.
Volume will be an issue over the next couple of weeks, but I think you've got a situation here where traders are just simply looking at this through the prism of a market that is pretty much done for the year, but it's also positive overall.
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Will the trend line hold is a question that I will be asking myself, but we also have the 25,000 level right along with the 50-day EMA, both of which could be short-term floors. If we can break above the 26,250 level, then it’s possible that the NASDAQ 100 could continue to the upside, perhaps testing 27,000.
Short-term pullbacks, I think, offer plenty of buying opportunities all the way down to at least 24,000. The market had a very strong year after April, and as a result, it may need to catch its breath for a moment. In other words, maybe we continue to consolidate, but over the longer term, I think this is still a scenario where you're looking at dips as potential value.
2026 is setting up for a positive year between central bank interest rate policy around the world, and specifically the Federal Reserve, but also the data in the United States is showing a very resilient economy. I remain bullish.
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