The NASDAQ 100 continues to rise overall, but the overstretched action has been a bit of a concern recently. At this point, the markets are offering buying opportunities on dips.
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The Nasdaq 100 was somewhat choppy during the trading session on Monday, although we have seen a little bit of positivity, but at the end of the day, market participants are certainly going to be concerned about this as it is overbought.
Short-term pullbacks open up the possibility of finding a little bit of value here with the 28,500 level and the 28,000 level both offering potential support levels.
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Quite frankly, the market has gone straight up in the air since the end of March, and now we are in one of these crazy AI driven moves that can be very explosive, but they also can come unraveled pretty quickly.
Unfortunately, there are plenty of headlines out there that will continue to drive the market in both directions, and one would have to assume that it's only a matter of time before something in the Middle East makes things bad again.
The 10-year yield at 4.40% and rise opens up the possibility of a sell-off as well, but in the short term, it looks as if traders are willing to ignore that as the buyers are just simply the only people involved at this point.
I do think that 30,000 is a target. I just don't want to see it happen the next day or two, and that might actually be what happens if this keeps up. Regardless, I'm not one to chase trades. I understand that this is a one-way trade and it can only be bought as opposed to sold, but finding some value might be the way to go going forward as well.