depositphotos We also have the 50 day EMA above offering a certain amount of resistance. I think that makes for a nice target if we continue to see bullish pressure, but I also recognize that there are a lot of concerns out there and this recent sell off has been rather drastic. The question now is whether or not risk appetite is truly going to come back into play. Germany has recently fallen back into recession. So that shows you that there are going to be a lot of concerns globally. Noise Continues to be the NormI think this continues to be a very noisy market, and at this point, although we have balanced significantly from the 200 day EMA, economic numbers in the United States continue to get worse. And while it could bring in a Federal Reserve rate cut, the reality is that by the time the Federal Reserve starts cutting rates, it’s normally too late and the economy starts to fall apart. 
It is because of this that we will continue to see noisy and erratic trading. And I would keep a close eye on the 50 day EMA because if we were to break above there, then we could see a move much higher. The 200 day EMA of course should continue to offer support, at least in the short term. I don’t think we’re anywhere near testing it, but right now the question is, can we keep up the momentum? I think that’s the entirety of the markets, not just the Nasdaq 100 for that matter.More By This Author:GBP/JPY Forex Signal: British Pound Tests Big Figure Against Japanese YenUSD/CHF Forecast: Choppy Trading Amid UncertaintyGBP/USD Forecast: British Pound Slams Into The 50 Day EMA
