NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look Elevated

NASDAQ 100 Technical Analysis

The Nasdaq 100 rose slightly during the early hours on Monday, as we continue to see a general push to the upside. Now, keep in mind the market did sell off quite viciously last week, but ultimately, I think this is a scenario where a lot of people have been taking profit in stocks that had ran straight up in the air. We did have some people closing out their positions heading into the weekend, which makes a certain amount of sense.

So now we have to see whether or not there is going to be a bit of a bounce as we are in the next week, I do think we will get it. There is a severe lack of economic announcements, so I think at this point in time it’s probably more buy on the dip than anything else. The four hour chart, of course, looks very bullish, and I do think that sometime this week we will make an attempt to get back to the highs, which means 20,800.

However, if we were to break down below the 20,000 level, then you could make an argument for a little bit of a deeper correction, perhaps sending the Nasdaq 100 down to the 19,500 level, which is an area that has seen a lot of support and quite frankly, I think would offer a lot of value. The market, of course, is driven by a handful of stocks, you know, all the usual ones. So as long as Tesla, Nvidia, Microsoft, and companies like that are attracting inflows, then the Nasdaq 100 will rise right along with it just due to the FOMO trade. That’s really all Wall Street’s been as of late.

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