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NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Build a Base

By:
Christopher Lewis
Published: Apr 23, 2024, 12:47 GMT+00:00

The NASDAQ 100 has continued to build a bit of a base on Tuesday, as we are trying to do everything we can to recover from the recent selloff.

In this article:

NASDAQ 100 Technical Analysis

The NASDAQ 100 initially fell a bit during the Tuesday session but has turned around to show signs of life. With that being the case, the market is likely to continue to see a lot of back and forth and noisy behavior. In general, this is a market that has tested the 17,000 level and show signs of life from there. It looks likely that we will continue to see a recovery at this point.

And if we can break above the candlestick from Friday session, then I do think that the NASDAQ 100 continues to go looking to the 50-day EMA. Underneath we also have the 17,000 level offering support, but if we were to break down below there, then we could go looking to the 200 day EMA, though I don’t necessarily think that’s what happens right away. And it does to me look like a market that is trying to recover from basically a seven and a half eight percent drop standard pullback in an uptrend.

Earnings season of course will have its influence and then you have to pay attention to interest rates or the geopolitical situation, both of which are calming down a bit. So that also gives us a little bit of a bounce I think waiting to happen. Earnings season has been fairly good so far so that doesn’t hurt either and therefore I do think you’re starting to see value hunters come in and try to pick up a market that quite frankly sold off probably way too aggressively.

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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