NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Rally

Christopher Lewis
Published: Apr 24, 2024, 13:19 GMT+00:00

The NASDAQ 100 continues to rally after the recent pullback, and now that Tesla rallied after the earnings call, it is likely that the NASDAQ 100 will be skewed to the upside.

In this article:

NASDAQ 100 Technical Analysis

The Nasdaq 100 rallied right away during the early hours on Wednesday, and it looks like we are going to try to continue the upward momentum that we had seen on Tuesday. That being the case, and specifically with Tesla popping overnight, it does make a certain amount of sense that we continue higher in this environment.

I think you’ve got a situation where we will eventually go looking to the 50 day EMA above, and then the 18,000 level. Underneath, we have a lot of support in 17,000, and I think that now it could start to define in some of the short term floor.

Keep in mind stocks had a massive rally until this recent sell off. So, this was probably something that was desperately needed. And the fact that we don’t really have clarity on monetary policy at the moment plays into this. That being said, this is a market that I still think that on dips you are a buyer of. Remember, it’s not an equal weighted index, so as long as the top companies are doing well in the stock market, the index will follow right along with it.

It’s not designed to go down, otherwise it would be equal weighted. So, with that being said I buy short term dips. I think we probably go looking to 18,000 and then eventually to the 18,500 level from where we fell initially to get into this situation.

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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