NASDAQ 100 Technical Analysis

The NASDAQ 100 was very choppy during the early hours on Thursday as we continue to hang around just above the 19,000 level. That being said, once we do make our next move, there are a couple of levels I’ll be watching. The 19,500 level is an area that I think is somewhat obvious as it was a swing high, and it previously had been massive support. So, I would anticipate that there is going to be a significant amount of market memory in that area. If we turn around and fall from here, we could drop towards the 18,500 level, which could be a bit of a support level. But I think this is a market that.

It’s still going to be all about whether or not the Federal Reserve is going to come and save everybody. The federal funds futures rates markets is going to be a scenario that you’ll have to watch right now. About 36% of traders believe that there will be a 50 basis point rate cut in September. But it should be said that the numbers who believe that we’re going to get a massive cut are dwindling.

So, in other words, we may be getting a little stretched. That being said, there is still a significant number of traders out there that believe that the Fed’s going to become ultra aggressive. And if that’s the case, we could see continued upward pressure, at least until they start to focus on the economy. As things stand right now, the only thing I think you can count on is a certain amount of volatility.

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