NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Grind Higher

NASDAQ 100 Technical Analysis

We have gapped higher to kick off the trading week on Monday as it looks like we are more likely than not to continue to go higher. All things being equal, if we do get a short-term pullback, that ends up being a buying opportunity from everything I see in a market that has been extraordinarily bullish. All traders around the world have continued to look at this as a buy on the dip attitude, and I just don’t see how that changes anytime soon.

The 17,775 level is an area that I think offers significant support, especially considering that the 50-day EMA is right there as well. That being said, I think all things being equal, this is a market that drift’s a little bit lower, and then buyers come in and push it up. That’s the plan for the next couple of days. Keep in mind this week has several high-level announcements, the biggest one of course being employment on Friday in the United States, so that is something that could slow the market down. If we can break above the top of the shooting star that printed last week, then it opens up a break of the 18,500 level, and it could very well send the NASDAQ 100 towards the 19,000 level.

Regardless, this is a market that’s been in a massive uptrend for some time, and I just don’t see that changing. So, with that being the case, I like the idea of finding dips when I get them and taking advantage of them. Perhaps we will try to fill the gap from the electronic opening. It’s possible. That could be a nice buying opportunity. Either way, you are either long of the NASDAQ 100, or you’re on the sidelines.

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