NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Bullish Trend on Holiday

Christopher Lewis
Updated: Jun 20, 2024, 00:54 GMT+00:00

The NASDAQ 100 continues to see a lot of noisy and bullish momentum. This is a market that is essentially closed at the moment, with the underlying market itself closed due to Juneteenth. This is a bullish market though, and therefore it continues to be a “buy on the dips” situation.

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NASDAQ 100 Technical Analysis

The NASDAQ 100 of course was very quiet during the trading session on Wednesday as Juneteenth is being celebrated in the United States. This is a relatively new holiday, and therefore it does make quite a bit of sense that markets are very quiet. The underlying index itself won’t be open. So, what you are seeing is the CFD market, some of the futures trading being reflected in this, with the limited overnight hours being shown here.

So, I do think that you can’t read too much into what happened on Wednesday, but you can look at the last couple of days and see clearly the proclivity for the NASDAQ 100 is to go higher over the longer term. Short-term pullbacks will of course end up being supported and near the 19,500 level, assuming we even drop that far, and we are currently knocking on the door of 20,000 which had been my year-end target, but clearly the stock market is in melt up mode, at least from a longer term standpoint, and pretty much everybody’s target that I’ve seen out there has already been touched.

So, it’ll be interesting to see how this plays out. The Federal Reserve’s still not looking to cut, Wall Street’s still not looking to admit that, so that’s kind of where we are right now. The NASDAQ 100, probably more so than just about any index that I can think of, is highly momentum driven, so you do need to keep that in mind as well, and momentum is to the upside.

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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