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NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look Strong

By:
Christopher Lewis
Published: May 20, 2024, 12:40 GMT+00:00

The NASDAQ 100 continues to see a lot of noise in general, as the market is going to continue to look to the upside at this point in time.

In this article:

NASDAQ 100 Technical Analysis

The NASDAQ 100 now looks as if it is going to threaten the upside again, and quite frankly, with a lack of major economic announcements in the next 24 hours, at least pertaining to this particular index, it could very well drift higher. If we were to break above the highs of last week, then it opens up a move towards 20,000 that I do think happens given enough time.

Short-term pullbacks should continue to be buying opportunities as we have seen multiple times. And of course, the index itself has a proclivity to rise over the longer term. It’s not an equal weighted index, so it’s not even designed to fall. With that being said, I think you have a situation where anytime we drift a little bit lower, there are going to be people looking to get in the action and perhaps try to ride the next leg higher. I do think eventually we are going to give a really serious go at trying to get to the 20,000 level.

I have no interest in shorting the index and quite frankly, I wouldn’t be until we broke down below the 17,850 level that I’d even be concerned about the momentum. At that point, it is likely that the market will continue to see downward pressure, but we are nowhere near that at the moment, and it would take a massive amount of change in attitude to mark this occurrence. The market is leaning to the upside, and I will be a buyer overall in the NASDAQ 100 looks strong like all other indices at the moment.

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

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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