NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look Very Supported

Christopher Lewis
Published: May 9, 2024, 13:27 GMT+00:00

The NASDAQ 100 continues to look very much in the veins of “buy on the dips”, as we are stretched a bit in the short term, but over the longer term, we still look very likely to go much higher.

In this article:

NASDAQ 100 Technical Analysis

As you can see, the NASDAQ 100 did very little during the trading session on Thursday, as we are simply trying to sort out where to go next. After all, this is a market that has been rather bullish until the last couple of days. So therefore, I think you have to assume that this is a market that has plenty of support underneath that people were willing to take advantage of, especially near the $17,850 level. And with that being the case, I think you also have to look at this through the prism that we are not too awfully far from the all-time high. So, a little bit of hesitation makes a lot of sense.

We are in the midst of earnings season and that of course has its own special problems that come to the forefront but I do think that given enough time we probably have to assume this is a market that the buyers take over again. With that being said, I am bullish but I would prefer to see a little bit of a pullback that I can take advantage of in order to get a little bit of value here. Ultimately, given enough time I do think that we not only reach the highs but we continue to go higher, perhaps as high as 20,000 over the longer term. Underneath, not only is the 17,850 level support, but I also believe the 50 day EMA just below there also comes into the picture.

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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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