NASDAQ 100 Forecast November 6, 2015, Technical Analysis

The NASDAQ 100 fell initially during the day on Thursday, but found support at the 4675 level. That being the case, we bounced enough to form a hammer and it suggests that the NASDAQ 100 is in fact going to go higher over the longer term. A break above the top of the range for the Thursday session is reason enough to start buying. However, we also have a massive gap below that should continue to keep this market afloat as well, so we think any type of supportive action between here and the aforementioned 4500 level is reason enough to start buying yet again. We have notched in selling, and believe that the NASDAQ 100 will ultimately go as high as 5000 given enough time.

Keep in mind that the Nonfarm Payroll Numbers come out during the course of the session on Friday, and that of course will throw a lot of volatility into this market. Regardless though, even if we do pullback from here it should simply be a short-term move, as recently Janet Yellen has suggested that perhaps we may even see negative interest rates in the United States, which of course would force more money into the stock markets. The NASDAQ 100 of course would benefit from this, and as a result we are bullish of this market no matter what happens today over the longer term at least.

Ultimately, this is a market that has been very bullish lately, and the fact that we would slow down a little bit at this point wouldn’t be a huge surprise. Quite frankly, we have broken out above the 4700 level which was massively resistive in the past, and now we are trying to test to see whether or not the support is there. It should be, and this is one of our favorite indices at the moment that we follow. With this, we are very bullish and we fully anticipate plenty of buying opportunities going forward every time we pullback, as the uptrend will continue to attract quite a bit of attention.