NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look Bullish After Fed

NASDAQ 100 Technical Analysis

The NASDAQ 100 rallied again during the early hours on Thursday as we continue to see money flood into the stock market. Probably not a huge surprise after the action that we had on Wednesday and the reaction to the Federal Reserve, basically reiterating the idea that we are going to have three interest rate cuts this year.

Ultimately, this is a market that I think is just momentum driven. That that’s all it is. It’s nothing else. You don’t need to overthink it. If we pull back, it’s a buying opportunity. This is a market that is going to go higher. Certainly, it seems to have a lot of support underneath it to make that happen. I believe that they are going to target the 18,500 level rather quickly. And then after that, go looking to the 19,000 level.

Short-term pullbacks have plenty of support near the 17,925 level, and of course the 50-day EMA, which sits just below there. Long-term thinking is still that we are in a 45-degree angled channel, which is generally a very positive sign. If the Federal Reserve does, in fact, continue to push the idea of cutting rates later this year, then the NASDAQ 100, which of course, is heavily laid in with technology companies, will be one of the main beneficiaries.

Furthermore, people still chase the artificial intelligence trade, so it all lines up quite nicely. At this point in time, there’s no way to short this market and I think you continue to see a lot of “FOMO trading” coming into the picture. Ultimately, I remain a “buy on the dips” trader, and I do believe that the NASDAQ 100 will continue to be one of your better performing indices.

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