- The Nasdaq 100 went back and forth during the trading session on Thursday with a lot of volatility.
- I think it’s basically a market that just has no idea what to do with itself.
- After all, the Federal Reserve did seem a bit more hawkish than anticipated, causing the US dollar to rise, and people to worry about momentary policy.
Non-Farm is Friday
And now we have the jobs never coming out on Friday. So, I think maybe we’re getting somewhat close to a bit of a pullback. The pullback, of course, would be healthy because a market cannot go in one direction forever anyway.
So why bother looking for some type of massive shot to the upside? While I do think it’s possible that we will go higher, I mean, clearly, we’re in an uptrend.
The reality is, I think there’s a lot of questions out there and we are in the midst of earnings season. So that skews the way the market reacts as well, after the bell earnings can cause absolute havoc. So, with this, I am looking for short-term pullback to take advantage of. I would love to see the NASDAQ 100 drop towards the 23,000 level and bounce.
It might end up being 23,250 that we pull back to. We’ll just have to wait and see. If we can break above the top of the candlestick for the trading session on Thursday, then I think we will go hunting for the 24,000 level above. I don’t have any interest in shorting. And I do think that despite the fact that we are about to get a pullback more likely than not, I still want to see a little bit of value offer that I can take advantage of.
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Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.