NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look Strong

NASDAQ 100 Technical Analysis

As you can see, we pulled back just a bit during the early hours on Friday, only to turn around and show signs of life again. Keep in mind Friday is options expiration, so it could be rather interesting to see how that plays out. Ultimately, if we were to break above the shooting star from the Thursday session, that would obviously be very bullish.

But at this point, I think you’ve got a situation where traders are trying to do everything, they can try to push things higher. That could send this market to the 20,000 level. Short-term pullbacks offer plenty of support down to the 18,200 level. And underneath there, the 50-day EMA and the 17,850 level both offer support. Furthermore, there’s a lot of little micro support levels underneath that would come into the picture and perhaps lift the market as well. Ultimately, you just simply are looking for signs of life every time we pull back.

Keep in mind that Wall Street is going to continue to push the narrative that stocks always go up, and therefore, they will. But we don’t know whether or not it is happening right now, therefore you have to be cautious. Buying on pullbacks makes a certain amount of sense, and buying on the break of the shooting star does as well. Either way, I have no interest in shorting this market, at least not until we break down below the 17,850 level. Ultimately, this is a market that has reasserted its long-term uptrend, so therefore not much has changed.

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