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

By:
Christopher Lewis
Published: Jun 24, 2024, 12:32 GMT+00:00

The NASDAQ 100 continues to be very choppy at the early hours on Monday, as the markets continue to try to figure out where they are going to go next. However, it is painfully obvious that the market favors the upside to say the least.

In this article:

NASDAQ 100 Technical Analysis

The market pulled back slightly during the early hours on Monday, but quite frankly, sees a lot of support just below again. I think ultimately this remains a buy on the dips market, but we’ll have to wait and see whether or not we take off from here or if we have to pull back for a little deeper correction. I think the market sell off on Friday was a little ridiculous. It’s almost like Wall Street had no idea that there was inflation. So, it’ll be interesting to see if it actually sticks.

Regardless, I don’t have any interest in shorting this market because quite frankly, it is a market that I think you have to look at this through the prism of “when it dips, am I getting value?” because you probably keep in mind that the NASDAQ 100 is an ETF of like three stocks at the moment. So you have to pay attention to all the usual suspects and NVIDIA being the biggest one, obviously.

And if they’re rising, then the NASDAQ 100 should rise right along with them. If they fall, then it will fall. But I think there are multiple levels worth paying attention to. The first one underneath where we are now is the 19,500 level. And then after that, the 19,000 level itself. So, it’ll be interesting to see if we pull back. If we do, it should offer value. If we don’t, then I don’t see any reason why we don’t get back up to the 20,000 level because sooner or later somebody will come up with a narrative as to why everything is awesome again. It’s just the nature of Wall Street.

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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