The overall bullish trend persists, influenced by a select group of influential stocks.
The has exhibited a slight rebound from the 20-day EMA, indicating a potential move towards the 17,700 level. Notably, the 16,950 level, previously acting as resistance, now serves as a support level. From a strategic standpoint, any pullback currently represents an opportunity for value-oriented buyers. It is important to consider that Friday will bring the Non-Farm Payroll announcement, and the recent shift in sentiment follows the sell-off that occurred after the Powell press conference. However, it is characteristic of Wall Street to interpret information in a manner that aligns with its beliefs, and presently, there is a prevailing belief that the Federal Reserve will take measures to provide support. As such, I favor a buying approach on market dips.In this context, shorting the market does not appear justified. Despite a brief period of consecutive down days, the overall trend remains decidedly . It is worth emphasizing that the NASDAQ 100 is influenced by a select group of stocks, including Nvidia, Tesla, Apple, and Microsoft. Consequently, the performance of these key players plays a pivotal role in the index’s performance.(Click on image to enlarge) Sentiment Remains the SameThe prevailing sentiment among market participants centers on the pursuit of accessible capital to boost asset valuations. This approach has been in play since the aftermath of the global financial crisis, spanning approximately 14 years. While the Non-Farm Payroll figures have the potential to induce market fluctuations, my preference would be to continue buying into the market, potentially down to the . It is important to note that any positions acquired during this period should be built incrementally to . In a market characterized by strong bullish sentiment and notable upward volatility, this gradual approach offers a safer method for capitalizing on price declines.In the end, the NASDAQ 100 displayed a modest upward movement, with the 20-day EMA providing . The 16,950 level continues to play a crucial role as a support point. The prevailing belief in Wall Street is that the Federal Reserve will provide support, prompting a buying approach on market pullbacks. The overall bullish trend persists, influenced by a select group of influential stocks. The pursuit of accessible capital to bolster asset values remains a dominant theme, and despite potential fluctuations induced by , the preferred strategy is to accumulate positions incrementally during price declines. More By This Author:EUR/USD Forecast: Euro Continues To See Choppy Movement Ahead Of NFPNASDAQ 100 Forecast: Continues To Look For Cheap MoneyBTCUSD Forecast: Bitcoin Continues To See Noisy Positivity
