NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Recover After Tuesday CPI Surprise

NASDAQ 100 Forecast Video for 16-02-2024

NASDAQ 100 Technical Analysis

The NASDAQ 100 rallied slightly in the early hours on Thursday, as traders continue to pile into a lot of the same stocks. The NASDAQ 100, of course, has been driven by the Magnificent 7, although you may have to call it the Magnificent 6 now due to the fact that Tesla’s actually losing money. But either way, it’s all the same stocks, and as long as they rally, this index will, because it’s not an equal weighted index.

In fact, those six or seven stocks make up about 40% of what you’re seeing here. So, it is an ETF of all of the companies that everybody else owns. Passive investing is a big contributor to this. The 20-day EMA should continue to offer quite a bit of support followed by the 50-day EMA, which sits just above the crucial 16,950 level.

That’s an area that previously had been significant resistance. So, with that being the case, I think market memory comes into the picture and therefore it should be a rather important level to pay attention to. Whether or not it’ll define the trend, we’ll see. But I certainly think that this is a market that we’ll be paying close attention to if we do fall. 18,000 above looks to be the target. We’re trying to recapture it. I don’t see any reason why we don’t.

And in fact, we’d not be surprised at all to see us blow through 18,000 like it wasn’t even there. This is a market that has a mind of its own. And until things change, I just don’t see how the NASDAQ 100 is a market that you could short. It’s not even designed to fall. Otherwise, it would be equal weighted. So, with that being the case, you have to look at every dip as a potential buying opportunity and I think eventually we may try to get to the 20,000 level, although obviously that’s not going to happen in the next few days. Regardless, I do think that eventually traders are going to try to push this thing all the way up to that level.

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