Nasdaq Forecast: Stalls At 30,000 After Weak Jobs Report

Looking at dips as buying opportunities continues to be the way forward, and therefore I remain bullish.

NAS100

The Nasdaq 100 initially tried to climb during the session on Thursday, testing the 30,000 level, a large, psychologically significant round figure that a lot of people will be watching. All things being equal, this is a market that is probably one that might move a little bit overnight or maybe into the evening, but keep in mind that the weekend in the United States will be 3 days long. Friday will be closed, so any trading you see in the Nasdaq 100 will be based on overnight CFD or futures trading and not actual New York trading.

So, I think basically after this jobs number that came out weaker than anticipated, we just compressed right back into the same consolidation we have been in for a while. That makes a certain amount of sense. I do think this ends up being a nice buying opportunity closer rather than later, and I look at the 50-day EMA as the potential floor. Anything under there opens up the possibility of a move down to the 28,500 level, which is an area that I think offers support also.

The AI Trade Unwind and Long-Term Bullish Bias

I am generally bullish in this market. I just recognize that maybe we got a little bit ahead of ourselves, and of course, the AI trade is coming somewhat unwound, and that has a big part to play as well, as it was one of the biggest drivers in the recently past.

Looking at dips as buying opportunities continues to be the way forward, and therefore I remain bullish. I have no interest whatsoever in shorting, and I think eventually we break out of this little range and take off to the upside.