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It’s probably best to see what the weekly candlestick ends up looking like before putting any money to work.
The NASDAQ 100 Index has been very bullish during the trading session on Thursday after initially dipping lower. We are now approaching an area that could cause a bit of resistance, and therefore it’s likely that we will see a little bit more in the way of resistance going forward. That being said, we are heading into the weekend so if we close as strong as it looks like we may try to do during the Thursday session, you would have to listen to that.
From a technical analysis standpoint, if we were to break above the 13,000 level, I think it’s likely that we go much higher, perhaps opening up the door for a longer-term rally. Until then, I’m a bit suspicious of any move that we have, and therefore I’m probably going to stay on the sidelines as far as buying is concerned. However, if we were to turn around and give up 12,250, I might consider shorting again, but maybe not heading into the weekend. More likely than not, I will probably pass on trading Friday, as this is a market that looks likely to go higher, but also has a whole mess of resistance to chew through for the next 400 points or so. In other words, things are about to get really sloppy.
Pay attention to the interest rates in America, they may give you a heads up as to where we’re going, but I would not read too much into anything at this moment, because it seems like everything is at such a crossroads. With the NASDAQ 100 being led by a handful of companies, you need to pay attention to all of the usual suspects, including Facebook, Google, Tesla, and all of the big ones. In fact, that’s one of the biggest problems with trading the NASDAQ 100, it is not equally weighted, so something like a complete failure by Microsoft can really put a bit of a dampening effect on the market. It’s probably best to see what the weekly candlestick ends up looking like before putting any money to work, because we have the Federal Reserve announcement next week, and that of course is going to cause quite a bit of volatility in and of itself. Not only do you have the announcement, but you also have the statement and press conference that could throw a monkey wrench into any plans you have.
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