The NASDAQ 100 rallied ever so slightly during the session on Wednesday as we continue to reach ever so higher heading towards the jobs number. The jobs number comes out on Friday, and the Thursday session could be somewhat quiet heading into it, and perhaps we could even see a little bit of a pullback between now and then. The 14,500 level is an area of importance as well, as it is the “midway point” between the crucial 14,000 level and 15,000 level.
The market is most certainly favoring the handful of stocks that have been pushing it higher for quite some time, as the technology giants such as Facebook, Alphabet, Tesla, and the like continue to attract a massive amount of inflow. I do not think this will change, as it seems like the people are looking to get into growth stocks instead of value, as the Federal Reserve is seen as being stable and continuing to loosen monetary policy over the longer term. The market does not believe that the Federal Reserve can tighten anytime soon, and that is more likely than not going to show itself in the NASDAQ 100.
Nasdaq 100 Long (Buy) ENTER AT: 14632.81 T.P_1: 15000 T.P_2: 15783.44 T.P_3: 17000 S.L: 13510.63
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