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NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look Upwards

By:
Christopher Lewis
Published: May 21, 2024, 13:08 GMT+00:00

The NASDAQ 100 continues to see a lot of upward pressure, although the market has been somewhat quiet in the first hours of the Tuesday session. Nonetheless, this is a market that certainly looks very bullish, and therefore I have no interest in shorting.

In this article:

NASDAQ 100 Technical Analysis

The Nasdaq 100 was quiet during the trading session on Tuesday. But at this point in time and it looks like we are just kind of grinding away trying to build up enough momentum to go higher. Remember Nvidia earnings come out in about 24 hours. So that will obviously have a major influence on what happens next. And therefore, maybe people are waiting.

But really at the end of the day this is a bullish market. And that’s pretty much what it all comes down to, from what I can see. So, with that being the case, I think you’ve got a situation where traders are more likely than not to be looking at any dip as a potential value play, especially near the 18,500 level.

Ultimately, I do think that this market is trying to get to 20,000, but we may have to spend a little bit of time kind of finding our standing and perhaps stabilizing things after what has been such a major move to the upside. Underneath, we have not only the 18,500 level of support, but we also have the 50 day EMA, which sits right around the 18,000 level.

I have no interest in shorting this market, and I do think that eventually every dip will be looked at as a potential buying opportunity. I suspect this is how most traders look at this market, and I also believe that there is still plenty of momentum in this market going forward.

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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