The NASDAQ 100 has rallied a bit during the trading session on Monday to bounce from the 29,000 level. The 29,000 level is important, as it has been support multiple times, most recently between the beginning of August and mid-September, but it was also important back in June and July as well.
The earnings calls this week feature Meta, Netflix, Tesla, amongst others.
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This market looks like one that is going to continue to pay close attention to that level. However, as we rise, we now have to face the 50-day EMA. The 50-day EMA currently sits at the 29,922 level and could be a little bit of a barrier, especially if you read into the Friday candlestick and the fact that we pulled back from there.
There are some questions about the AI world. That is part of what has been going on here. All of that money being invested in artificial intelligence—is it going to produce some type of result? Interest rates in the United States are ticking up a little bit during the session, but it does not seem to be bothering the market too much.
Ultimately, this could be a very volatile week, but if we get good earnings from the right companies, that might be enough to have the buyers come back into the fold. Other equities around the world, specifically in the European Union, are a bit sluggish, so it could be foreign money coming into the market as well.
I think eventually we will try to get back to the 31,000 level, barring some type of event, either in the bond market or geopolitically, or perhaps if one of the major earnings calls this week really sets the market on fire. Right now, from a technical analysis standpoint, it looks like the buyers are coming in to pick up a little bit of value.
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