The NASDAQ 100 rallied just a little bit during the early hours on Friday, but it also looks like we are struggling a bit to hang on to the gains. That being said, we are fairly close to the recent all-time highs, and I do think that breaking above the $20,350 level is going to be a bit of a chore. If we can clear that, then the market could go looking to the $20,500 level. Short-term pullbacks at this juncture, I think, are buying opportunities with the 20,000 level underneath, offering a significant amount of support. In general, I think we have a situation where buyers step in and pick up value every time they get it.

The NASDAQ 100, of course, is moving in the upward direction, mainly due to the fact, at least I believe, perhaps the Federal Reserve will continue to loosen monetary policy and if that's going to be the case then I do think that sooner or later buyers step in and pick this market up.