NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look Strong

NASDAQ 100 Technical Analysis

You can see that it’s been pretty quiet in the early hours despite the fact that we did sell off later in the day on Thursday. So, the question now is, more or less, are we going to pull back or not? If we pull back, that just offers more value that a lot of people will be willing to take advantage of. The 17,750 to the 17,775 region I think is like a zone of support.

This is especially true now that we have the 50 day EMA approaching that level as well. So, I’d love to see a pullback to that area. That would offer enough value that I think a lot of people would be willing to buy the dip. Will we see that move? Probably not, but it is something to keep an eye on since we did form a shooting star on Thursday.

If we can take out the top of the shooting star from Thursday, that would be very bullish as well. Keep in mind that a lot of times when the Americans are left to their own devices at the end of the day on Friday, they will run this thing up, so we’ll have to wait and see how that comes out. But clearly, this is a market where you are either long or you’re on the sidelines. You’re not shorting this market. It has shown time and time again that it has no interest in falling for any significant amount of time.

Granted, someday that will change, but right now the fundamentals don’t suggest that they are going to. And of course, we’ve recently had Jerome Powell reiterate the idea of three interest rate cuts, which of course is exactly what people trading the NASDAQ 100 want to see. With this, you’re looking at each and every dip as a potential buying opportunity, expecting the occasional volatile move, but understanding that we are in a 45 degree channel, and that typically is a very sustainable uptrend.

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