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NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look Bullish

By:
Christopher Lewis
Updated: Mar 5, 2024, 13:20 UTC

The NASDAQ 100 has been a bit of a juggernaut over the last several months, and there’s nothing on the charts early during the Tuesday session that suggests that we are not going to continue to see this extraordinarily bullish behavior.

In this article:

NASDAQ 100 Technical Analysis

On Tuesday, you can see that we initially pulled back just a bit during the early hours only to find buyers yet again. This is a market that is in a 45 degree up trending angle and that of course is a very bullish sign. At this point in time, it looks like 18,000 will offer short-term support, right along with the 20-day EMA. Underneath there, you have the 50-day EMA, and then finally, 16,950. All of those areas are possible floors, and therefore, I think we see the market continues to go higher. The 20,000 level above, I think, is starting to become a very viable target at this point. Needless to say, that’s an area that would attract a lot of attention and probably grab quite a few headlines. However, I just don’t see anything to keep us from getting there.

Remember, momentum begets momentum. As traders around the world continue to bank on the idea that the Federal Reserve will be cutting rates later this year, the NASDAQ 100 is a natural beneficiary. Furthermore, we have the race into anything that is related to artificial intelligence, and that of course will have an influence on the NASDAQ 100 itself. Because of this, I like the idea of looking at every dip as a potential buying opportunity. This has been a viable strategy for some time.

That doesn’t mean that you jump in with a huge position. It just means that you’re buying on the dip, selling when it rallies a bit too much, and then repeating. I think that’s essentially been the way the market’s behaved here for a couple of months anyway. Is the market overdone? Yes, by most metrics it is, but it doesn’t seem to be affecting it. Momentum is just driving this thing straight up in the air. That being said, just a little bit of patience and a little bit of work on your timing makes this an excellent buy on the dip index.

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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