NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Buyers on Dips

NASDAQ 100 Technical Analysis

The NASDAQ 100 has been hanging around the same region all week and part of last week and I think it’s just due to a lack of economic announcements. Quite frankly, there isn’t much going on that people are going to be paying attention to. So, I think you have to look at this through the prism of a market that remains buy on the dips. The 17,775 level underneath continues to be a significant floor in the market as it is backed up by not only previous support but also the 50 day EMA. Ultimately, I think this is a situation where you have to look at this through the prism of whether or not you are finding value on a pullback.

If we break above the 18,500 level, then it could send this market much higher, perhaps going all the way to the 19,000 level. All things being equal, I think this is a market that will continue to grind higher, regardless, as traders are focused on the idea that the Federal Reserve may jump in and loosen monetary policy later this year.

With that, I just look at each dip as a potential buying opportunity and have no interest in shorting. In fact, I don’t even have a scenario where I’m shorting this market at the moment because quite frankly, momentum is working in the favor of the buyers and it’s very difficult to fight that at this point in time. This is a market that seems to have a mind of its own, and therefore it cannot be fought at this juncture.

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