NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Find Buyers

NASDAQ 100 Technical Analysis

As you can see, we continue to see a lot of upward pressure in this market and I think it’s probably only a matter of time before we break even higher, as there has been so much in the way of volatile upward momentum. Keep in mind that Jerome Powell has recently stated that the Federal Reserve is likely to cut rates later this year, and that of course continues to drive stocks higher. The jobs number on Friday was a bit weaker than anticipated, so this only confirms that is a very real possibility, and of course, Wall Street will celebrate a weakening economy, because that means cheaper money.

Short-term pullbacks continue to be buying opportunities, and of course, it’s always worth remembering that the Nasdaq 100 is driven by a handful of stocks, and therefore if all of the usual stocks are rallying, the index will rally right along with it. I look at dips as opportunities to pick up value and I will trade this market as such. It’s probably only a matter of time before we go looking at the 18,500 level, possibly even the 19,000 level. Underneath I see the 18,000 level as a major support level right along with the 20 day EMA, which sits just below there.

I have no interest in shorting the stock market because quite frankly, the momentum is just too vicious to fight at this point. And therefore, every time it pulls back, I think there will be plenty of people willing to step in and chase the market, at least until something fundamentally changes. I don’t see that happening, so, with all of that, I think we have a scenario where we just go higher and that’s the end of it. But that being said, the market is likely to see a lot of value hunting any time we pull back, and that’s the lesson that we have learned over the last several weeks.

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