NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look Bullish Overall

NASDAQ 100 Technical Analysis

The Nasdaq 100 initially pulled back just a bit during the trading session on Thursday in the early hours but has bounced from the crucial 20 day EMA. By doing so, it looks as if the market is going to continue to see a buy on the dip attitude and although not perfect, you could make a bit of an argument for an up trending channel. That being said, keep in mind that Friday features the jobs number, and therefore, you can only be somewhat aggressive at this point due to the fact that there is so much in the way of volatility coming.

All of that being said, keep in mind that this is a market that has been so strong that it’s almost impossible to short, and of course, you have to keep in mind that the NASDAQ 100 is driven by just a handful of stocks to begin with. That being said, all you basically do when trading in this market these days is pay attention to the big seven, as it were, and just see what they are doing. If they are rising, then the NASDAQ 100 will continue to rise overall. If we do break down a bit from here, and that of course is possible, we will look to the 20-day EMA as support, and then again at the 50-day EMA underneath there.

On the upside, I believe that the 18,250 level is an area where people will be paying close attention, so that is worth paying attention to as well. If we break to a fresh new high, that would just be a continuation of what we have seen for so long.

It’s obvious that we have a lot of momentum and strength in this market, so therefore I just don’t see how you can fight this type of momentum. Be wary of those who continue to say that the market is about to turn around, as they have been wrong for so long that it’s hard to believe that they still have a trading account. That’s not to say that we want to eventually get a vicious pullback, but right now it’s obvious that the market is being pressured to the upside longer-term.

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