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NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look Supported in Pullback

By:
Christopher Lewis
Published: Apr 17, 2024, 13:05 GMT+00:00

The NASDAQ 100 pulled back a bit during the early hours on Wednesday but has turned around to show signs of life. At this point, the market looks like a recovery might be in the cards.

In this article:

NASDAQ 100 Technical Analysis

The Nasdaq 100 initially fell overnight in electronic trading, but it looks as if it is stabilizing a bit. At this point in time, it’s very likely that we will attempt some type of recovery to head into the previous consolidation range.

If we can rise above the 50 day EMA, and I think that’s a very strong sign, and more likely than not, we’ll send this market higher, perhaps looking to get to the 18,500 level. On the other hand, if we break down below the 17,500 level, then I think that’s a very negative sign for the Nasdaq 100, perhaps plunging down to the 17,000 level.

In general, this is a market that is still very much in an uptrend, despite the fact that we have had a recent pullback. And at this point in time, I think we continue to work through a lot of the excess froth, especially as we are in the midst of earnings season. In the end, if we were to break above the 18,500 level, then we could see a continuation of the uptrend.

But I suspect that the next several weeks will be a lot of back and forth as traders try to sort out geopolitical concerns, what the Federal Reserve is going to do, and of course, react to the various earnings calls that we’ll be getting over the next couple of weeks. This market continues to see a lot of noise, but in the end, it is one that has been strong to the upside for some time.

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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