The Nasdaq 100 rallied a bit on Friday, as we continue to see a lot of buyers jumping into the US stock markets, and it’s likely we will continue to see upward momentum.
Nasdaq 100
The Nasdaq 100 rallied quite nicely during the trading session on Friday, slamming into the 25,000 level. The 25,000 level, of course, is a large round psychologically significant figure and an area that I think a lot of people will be watching closely, just due to the fact that it gives a bit of a headline for the media to talk about.
All things being equal, this is a market that looks as if it is ready to turn things around and perhaps go much higher, as the AI sell-off seems to be abating a bit and most certainly the software sell-off is. The 200-day EMA sits just below the 24,000 level.
Market Resilience and Support Levels
I think that is something that you have to pay close attention to as well as it has attracted quite a bit of attention. If we can break above the 25,000 level and stay above there, then I just think all we have seen here is a test of the overall consolidation that has been so important.
I have no interest in shorting this pair, but I do recognize that we could see a certain amount of support hanging below that will continue to make it very difficult for the Nasdaq 100 to fall apart.
You should also keep in mind that we are in the middle of the earnings season and that in and of itself has me thinking that perhaps range-bound choppy behavior with an underlying bullish tone probably remains how we move in this market as it continues to be one that attracts quite a bit of inflow from all over the world.
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