NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Run Higher

NASDAQ 100 Technical Analysis

The NASDAQ 100 has pulled back just a little bit during the early hours on Friday as it looks like the 19,500 level is again going down after a bit of resistance. This is also an area that we have seen support previously and therefore I think we’ve got a situation where the market could very well react to this and perhaps even pull back. If we do pull back, then I’d be watching the 19,150 level as a potential support level for buyers to try and make a stand.

If we turn around and go higher and break above the 19,650 level, then it’s possible that we could just work our way back to the 20,750 level over the longer term. This has been a substantial bounce over the last couple of weeks after that flash crash several weeks ago, but really at this point in time, I think you’ve got a situation where the market continues to be very volatile.

And despite the fact that it’s been very positive so far, when you look at the breakdown that we had recently, you have to also understand that at this point in time, the market is essentially right around the 61.8% Fibonacci retracement level of that sell-off. While that doesn’t necessarily mean anything, it does suggest that some technical traders who wish to short the market from a longer term standpoint may make their presence known in this general vicinity.

For a look at all of today’s economic events, check out our economic calendar.