- The NASDAQ 100 has shown itself to be very resilient during the day after initially selling off pretty significantly.
- The 24,400 level is an area that I think will continue to be a bit of a battleground. And we are already starting to see the pushback.
Still in an Uptrend
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We've been in an uptrend for quite some time, and we had pulled back from the top of the up trending channel, but I think that's really all that's going on here. I don't have any interest in trying to get too cute here. I look at dibs as potential buying opportunities, but I also recognize that the volatility might be a bit of an issue. And therefore, we need to be very cautious about jumping all in. I think little bits and pieces along the way is probably going to be the way.
As market participants continue to see a lot of money flowing into the market due to the idea that the Federal Reserve is going to be cutting interest rates. Furthermore, just looking at the chart, we're in an uptrend. So that's really all you're looking for. You're not looking to trying to fight the prevailing trend. I don't know any traders who are successful doing that from a long-term standpoint. A lot of times you'll hear stories about how somebody is a counter trend trader and then they disappear. There's a reason for that. Indices are simple to trade in the sense that over the longer term, they are designed to go higher.
That's why they're not equally weighted. That's why Nvidia recovery at midday has a lot to do with what's going on here. Nvidia is something like 14 % of what you're looking at. So, with this, I think you will continue to buy dips. I think you will continue to look at NASDAQ as a stock that could very well rise over time and with that being said I remain bullish, I think we will eventually go looking at the 25,000 level.
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