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

NASDAQ 100 Forecast Video for 06-02-2024

NASDAQ 100 Technical Analysis

The NASDAQ 100 has been slightly positive during the early hours on Monday, but on Monday there really isn’t much in the way to move the markets due to the fact that the economic calendar is almost non-existent. So with that being the case, we could get a little bit of a pullback, but that pullback will almost certainly end up being a buying opportunity.

After all, it looks like even though traders were concerned about the Federal Reserve staying tight for longer, they simply turned things around at the end of the day on Friday. And that pretty much tells you the whole story, despite the fact that there’s no reason for the Federal Reserve to loose it anytime soon, traders are buying stocks anyways. Keep in mind that this is an index that is driven by just a handful of stocks, so you’re basically buying an ETF when you’re going long in the NASDAQ 100.

Short-term pullbacks could occur but they should end up being buying opportunities with 17,000 underneath being a particularly interesting area to try to find some type of value on the upside. I think we eventually get to the 18,000 level and we are probably targeting that now as it is just 400 points above. This is a market that runs solely on momentum, and I think that momentum probably is starting to come back a little bit.

We definitely are at the top of a consolidation range but we need people to get excited again, that seems to be the pattern time and time again. No interest on my part whatsoever in shorting this market because I think this is a market that probably just continues to rip to the upside. 18,000 probably would be your next target and it could cause some issues just because it’s a round number. But really at this point in time, it certainly looks like we will get there sooner rather than later. With this, I am bullish, but also recognize that it isn’t going to be a straight shot higher necessarily.

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