NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look For Buyers on Each Dip

NASDAQ 100 Forecast Video for 09-02-2024

NASDAQ 100 Technical Analysis

The NASDAQ 100 has pulled back slightly in the early hours on Thursday, but that’s not a huge surprise considering we had gotten a little overextended at this point. I think you’ve got a situation where you remain buy on the dip and don’t try to fight the overall trend. I think eventually we go looking to the 18,000 level and it’s probably worth noting that the S&P 500 is currently trying to smash through the 5,000 level.

So I think once that happens, it’ll drag everything up with it, including the NASDAQ. Dips at this point in time continue to offer plenty of support and I think there is a major amount of support near the 17,250 level. The 50 day EMA sits underneath there and offers quite a bit of support as well, so that’s something to pay attention to also. Nonetheless, this is a market that has been driven by roughly seven stocks and as long as they continue to be bullish, there’s no real way to fight the overall momentum.

Over the longer term, I would not be surprised to see 18,000 broken and this market eventually tried to tackle the 20,000 level sometime this year. That being said, we have a lot of work to do before that happens and we are a little extended, so there is the possibility of the occasional short-term pullback, but look at those as buying opportunities as the NASDAQ 100 continues to be absolutely relentless in its uptrend.

In fact, I don’t really have a scenario in which I’m a seller of the NASDAQ 100 at the moment, which of course, in one way can be a bad sign, but right now momentum clearly is on the side of the buyers. Ultimately, this is a market that has only one direction and that will more likely than not be the case going forward.

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