NASDAQ 100 Price Forecast – The NASDAQ 100 Continues to Attempt a Recovery

NASDAQ 100 Technical Analysis

The Nasdaq 100 has pulled back just a bit during the trading session here on Friday in the early hours, but at this point, it looks like it’s more or less going to be a continuation of the consolidation that we have seen.

With that being the case, I am looking for signs of support underneath in order to start buying value again. The 17,000 level underneath is major support as it has been major resistance in the past and therefore, I think you’ve got a situation where we drop from here, it’s likely that we turn around and bounce. It’s on the other side of the bounce that I want to be.

So, in other words, if we get a V pattern, I want to be part of that V pattern. Ultimately, this is a market that if we can break above the 50 day EMA, it’s likely that we could continue to go higher, perhaps reaching 18,500. If we break down below the 17,000 level, then we could be looking at and testing the 200 day EMA.

In general, this is a market that I think is going to have to work through some froth, and that makes a certain amount of sense considering just how noisy things have been. And of course, we are in the midst of earnings season. So, in and of itself, that will cause quite a few headaches. We are still very much in an uptrend, so you can’t forget that.

But you also have to keep in mind that this pullback will have some ramifications in the sense that some traders will be shaken up a bit. However, the longer-term trade generally tends to win in the long run, and therefore I continue to look for higher pricing eventually.

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