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NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Support Underneath

By:
Christopher Lewis
Updated: Feb 19, 2024, 15:36 UTC

The NASDAQ 100 has been quiet during Presidents’ Day on Monday, as we continue to see a lot of support underneath but given enough time, I do think that we see momentum coming back into the market.

In this article:

NASDAQ 100 Technical Analysis

The Nasdaq 100 has been very quiet during the trading session on Monday, and that would be expected due to the fact that it was President’s Day in the United States. Quite frankly, the stock markets are closed, so what you’re looking at here is a CFD market, so these are Europeans and Asians kicking a CFD market around.

The underlying index of course will wake up again on Tuesday and a lot of people will be paying close attention to what happens next after the significant sell off on Friday. This is not the beginning of a major meltdown though, this is just simply potentially the beginning of a valuable opportunity. The 20 day EMA underneath offers support and after that you have the 50 day EMA that’s hanging around the 17,000 level, which of course is a large round figure.

This is an uptrend that we’ve been in for some time, and I don’t think that the uptrend is going to change anytime soon. And even if we were to drop down to the 17,000 level, that’s just a minor pullback and a longer term uptrend. Remember, we had the Magnificent 7, it’s now more or less the Magnificent 6, as Tesla’s been losing money, that drive this market more than anything else. So as long as that’s the case and you have a lot of passive investing, it does make sense that these big companies are what everybody cares about. So it’s basically an ETF of the top six or seven companies.

That being said, I do think that we eventually recapture the 18,000 level and eventually go looking to the 20,000 level. If we break down below the 16,950 level, then possibly we get a little bit deeper correction, but we are light years away from being in a situation where I would short the NASDAQ 100. Quite frankly, there’s no situation where I would be willing to take on that risk.

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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