NASDAQ 100 Price Forecast – NASDAQ 100 Attempts to Recover

Christopher Lewis
Published: May 24, 2024, 13:16 GMT+00:00

The NASDAQ 100 has recovered in the early hours on Friday, as the market continues to see a bit of “buying on the dips” mentality overall. With this, I think we are simply going to continue the overall pattern.

In this article:

NASDAQ 100 Technical Analysis

You can see that the NASDAQ 100 rallied just a bit during the early hours on Friday, as it looks like the market is going to try to recover after the brutality of the Thursday session. It is worth noting that Monday is Memorial Day in the United States, and therefore it is a three day weekend and will have to see how the day closes on Friday to get a real read on how Americans feel about holding equities into a three-day weekend when pretty much anything can happen. Now, that being said, it is worth noting that even though the candlestick was rather negative on Friday, the reality is that when you look at the longer-term trend, it is still but a blip on the radar.

When we sell the market off, other traders come in and try to pick it up, and I think that’s probably going to be the case here again. Obviously, you can’t guarantee anything, but the one thing that I can promise is that I will not be short of this market anytime soon. If it falls further, fine, I’ll just buy at a lower level. I don’t have any interest in trying to fight this type of trend. We may have to go sideways for a while in order to get rid of some of the excess froth and that would be perfectly fine as well. Whether or not we break out to a fresh new high in the next 24 hours is up for debate and I think that when we start on Tuesday we will be somewhere in the middle of the ugly candlestick from Friday.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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