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NASDAQ 100 Forecast: Explosive Move to the Upside


Keep your positions small, and pay attention to how we close at the end of the week.

The NASDAQ 100 Index initially sold off during the trading session on Thursday as GDP numbers came out much weaker than anticipated. That being said, Wall Street did what Wall Street does, meaning that they celebrated bad economic news and started buying stocks. We close towards the top of the range, and now the next battle is going to be whether or not we can break above the 13000 level.


Rates have fallen, and that of course has people looking for technology stocks and continue climbing. The question now is whether or not the market is going to show signs of breaking out, or will we give up gains heading into the weekend? I think the Friday candle is going to be huge, and therefore we need to see whether or not this is going to be able to follow through.

At this point, I have no interest whatsoever in trying to get to keep this market, and I will wait to see if we get a daily close above 13,000. If we do, then I am willing to get long of this market. Otherwise, I will be looking to feed short-term rallies. If you are patient enough, the market should be obvious enough for traders to get involved and start trading, but right now I think chasing FOMO is a great way to lose money one way or the other.

We are in the midst of earnings season, so that could have something to say as well, but at the end of the day, this is about whether or not the Fed is going to bail out Wall Street. Wall Street is convinced that they are going to, so at this point remains rather bullish. Underneath, the 12,250 level is an area where I think we are going to see significant support, so breaking down below that level would be very negative for this market. Keep your positions small, and pay attention to how we close at the end of the week because quite frankly events are the most important thing you can do as far as paying attention to how the market is behaving. We have had a nice run here as of late, but I don’t necessarily believe we are out of the woods quite yet, as there are plenty of problems out there.

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