The NASDAQ 100 continues to see a lot of noisy behavior, as we are trying to sort out all of the massive headlines that are causing issues.
Nasdaq 100
The Nasdaq 100 finds itself looking a little bit weak during the trading session on Wednesday after initially trying to break out to the upside. I think this is just more of that confusion, not knowing what to do about the Middle East and all that unnecessary noise that comes across the wire.
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We are heading into earnings season, so it'll be interesting to see if that does, in fact, have a part to play as well. We also have the 50-day EMA just underneath, offering a bit of support, so that, of course, comes into the picture. And then after that, we have to pay attention to the 28,500 level for potential support. After all, that's an area that's been important previously, and I would assume probably continues to at least attract some people.
Market Consolidation and Key Support Levels
While it does look a little weak, it doesn't look like it's falling apart. And quite frankly, I think we're just consolidating. That does make a certain amount of sense with so many moving pieces out there at the same time. It's kind of hard to get aggressive with anything. It's the wrong time of year, typically speaking from a cyclical standpoint. Typically, summer does tend to be a little bit on the quiet side.
So, marry up the idea of being held hostage by headlines out of the Middle East, earning season, quiet time of year anyway, and we had shot straight up in the air for a couple of months previously, this is not a surprise. I think we continue to just bungle around in this overall area. I will, however, be watching the $30,000 level. If we can break above there, I think that would be an excellent sign.
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