The NASDAQ 100 continues to be noisy on Friday, as we are looking to figure out whether or not we are going to get any relief as far as interest rates are concerned.
NASDAQ 100
The NASDAQ 100 has fallen pretty significantly during the trading session here on Friday as we continue to see a lot of concerns about the AI trade and the credit cycle around that, with interest rates rising slightly during New York trading. It does make a certain amount of sense that we've seen a little bit of a sell-off here.
Top Regulated Brokers
Breaking below a hammer
We have cracked the bottom of a hammer from the previous session, so that is a technically negative signal and could have the NASDAQ 100 looking for lower levels. I look at the 28,750 level as a potential support level. If we turn around and rally from here, the 50-day EMA is an indicator that a lot of people will be watching, and I think it is worth paying close attention to. If we break above there, then the 30,250 level comes into the picture.
All things being equal, though, this is a bullish market from the longer-term standpoint. But we are having a bit of a sell-off at the moment. This is probably something that's needed, quite frankly, as we are heading into earnings season.
Earnings so far have been a little bit of a mixed bag, and we'll have to see how it plays out. This is a market that will be looking for some kind of reason to move.
This is all about the AI trade and rates at this moment, and therefore, I suspect that looking for some type of bounce will be the way forward. I don't have any interest in shorting the NASDAQ 100 at the moment. It has been strong for far too long.
Ready to trade our stock market forecast and analysis? Here are the best CFD stocks brokers to choose from