NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look Bullish

NASDAQ 100 Technical Analysis

You can see that the NASDAQ 100 rallied slightly during the early hours on Tuesday as we continue to see a lot of strength. All things being equal, this is a market that I think will continue to see a lot of buy on the dip type of behavior as we have seen for months now.

That being said, we could go sideways instead and that could be one way to work off some of the excess froth, which of course we most certainly have in this market. If we do pull back at this point in time, the 17,775 level is an area that people will be paying close attention to, not only due to its previous support of the market, but also the fact that the 50-day EMA is hanging around in that general vicinity. Regardless, I have no interest in shorting this market, and I think more likely than not, we go higher in much short order compared to any lengthy sideways consolidation. Keep in mind that this week is really light with economic information, so we could have a fairly quiet couple of days.

Quite frankly, I think the market would be okay with that because we have shot straight up in the air for so long. If we can break above the highs of last week, then we will leave the 18,500 level behind, and it’s likely that we could go looking to the 18,750 level, perhaps even the 19,000 level. I have no interest in shorting the market.

Even if we were to break down below the 50 day EMA, I think there are multiple support levels underneath that a lot of people will be looking at as potential value. As long as the Federal Reserve is looking to cut rates multiple times by the end of the year, the Nasdaq 100 will more likely than not continue to go higher.

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