NASDAQ Weekly Price Forecast – NASDAQ 100 Continues to Attempt Bullish Run

NASDAQ 100 Weekly Technical Analysis

You can see that most of this week’s been very positive for the NASDAQ 100 as we have gained 600 points and more points in the week after that massive selloff during the previous week. This shows that there is still a significant amount of desire to be involved in this market, and that pullback has offered enough value for some people to feel compelled to start buying.

Ultimately, I think this is a situation where traders will continue to look at this through the prism of buying the dip, but we also have to pay attention to the fact that it’s earnings season. And of course, we have the Federal Reserve out there, which is overhanging the market as usual. If we were to break down below the 17,000 level, then the 50 week EMA could come into the picture to offer support just above the 16,000 level.

Ultimately, I don’t have any interest in shorting stock indices at the moment. Quite frankly, Wall Street is going to find a reason to go higher one way or the other, I think, is the mode that we are in. We may be in the midst like we were of the bullish flag previously, where we shop around for a while before we make our next move. But we’ll just have to wait and see, find value, take advantage of it, and continue to stay bullish over the longer term.

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