Nasdaq 100

The Nasdaq 100 fell significantly during the trading session on Wednesday, reaching down to the 6300 level. There is a significant amount of support underneath though, and I think that the resiliency that was shown in this market on Wednesday is also a very bullish sign. If we can clear the 6600 level, that could be key to determining where to go next. Ultimately, we could then go to the 7000 handle above, which has been resistance more than once. I think that we are consolidating, and it looks as if we are trying to continue the overall upward trend. If we break down below the 6200 level, that would be a very negative sign, perhaps sending the sellers in a frenzy over here as well. I think that the jobs number could give us an opportunity to go further to the upside if it strong. Ironically, a week jobs number may have traders thinking less tightening from the Federal Reserve, and that could be a bullish sign as well. I think that we are trying to form some type of bottom.