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NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look Strong

By:
Christopher Lewis
Published: May 28, 2024, 12:28 GMT+00:00

The NASDAQ 100 continues to look bullish in general, as the market has been somewhat hesitant to break out. However, the fact that the market continues to test the highs suggests that we have much further to go to the upside.

In this article:

NASDAQ 100 Technical Analysis

You can see that we did initially rally a bit, only to pull back and show signs of hesitation. That being said, the market looks as if it is trying to get to the 19,000 level. The 19,000 level being broken to the upside opens up the possibility of a move to the 20,000 level. This is also a large, round, and psychologically important level that a lot of people will be cognizant of.

This is a market that is getting a little bit of a boost from both Nvidia and Apple in pre-market trading as it is a market that basically follows about seven stocks. It’s not an equal weighted index, so of course a handful of companies can make a huge difference. Regardless, I think this is a situation where eventually we do break out to the upside, so I look at these pullbacks as potential buying opportunities.

There is a significant amount of support down at the 18,600 level, an area that’s been important multiple times. We have a serious lack of economic announcements this week, so all things being equal, typically the trend will just continue in that environment without some type of external announcement or surprise headline. As things stand right now, I think this is a market that is trying to work off some excess, so I think short-term pullbacks offer value, and that’s probably the best way to look at this index most of the time, and right now, I just don’t see that being any different.

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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