Advertisement
Advertisement

NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look Bullish

By:
Christopher Lewis

The NASDAQ 100 rallied during the session on Monday, as we continue to see a lot of upward trajectory. This is a market that looks strong but is overextended.

NASDAQ, FX Empire

In this article:

NASDAQ 100 Forecast Video for 13-02-2024

NASDAQ 100 Technical Analysis

As you can see, the NASDAQ 100 was a little bit quiet early on Monday, but at this point, I think this is a situation where we are getting a little bit of overextended, so a short-term pullback I think gives an opportunity to find a little bit of value. Somewhere around the 17,500 level I think there is a bit of a floor, especially with the 20 day EMA sitting right in that area. Also, the 50 day EMA is right around the 16,950 level, an area that previously had been resistance. Because of all of that, I do think that there is a certain amount of market memory there as well and I suspect that it is probably only a matter of time before the buyers would return on a revisit of that level.

On the upside, we are most certainly pressuring the $18,000 level right now and if we can break above there, then it becomes more buy and hold. I do think at this rate, we’re eventually going to try to get to $20,000.

However, I don’t know that it’s a straight shot. I think you’ve got a situation where every time we pull back, you have to look at it through the possibility of trying to find a little bit of value. With that being said, the market is one that I think you continue to look for value, so take advantage of it. I mean, it is an index that is driven by just a handful of stocks, and I just don’t know how that changes anytime soon.

So with that being said, I think it’s probably a market that continues to go higher but it also is one that is a little extended so you don’t necessarily want to chase with a big position as this is a market that could turn around for some time, and wipe out a lot of the latecomers. This is a market that is only 7 stocks in reality, so therefore it is likely that the market will continue to follow the lead of the “magnificent seven.”

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.

Did you find this article useful?

Advertisement