NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look For Higher Ground

NASDAQ 100 Technical Analysis

The Nasdaq 100 has rallied slightly during the trading session on the early hours on Wednesday as it looks like tech is propelling the market higher. All things being equal, it looks like pull banks will continue to pay close attention to the 18,700 level here on the four hour chart, and the 18,000 level on the longer term charts. Ultimately, this is a market that I do think will test the 19,000 level before it’s all said and done.

However, do keep in mind that Friday is the jobs report number and that will almost certainly have a major influence on attitudes on Wall Street. With that being the case, I think you’re looking for short-term pullbacks that offer plenty of value and no way can you be short of the NASDAQ 100, at least not in this environment. Regardless of the economy, the market is running on momentum, and that cannot be fought.

Once we break the 19,000 level, it’ll be interesting to see what the next target is, but I suspect it’s probably as simple as saying that the NASDAQ 100 may go looking to the 20,000 level before it’s all said and done. With this, I think you have to assume that every time the market pulls back, we will have to find a little bit of a bounce to jump on as more and more people continue to jump into a market that is rapidly anticipating some type of rate cut between now and the end of the year.

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