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NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Upward Pressure During Break

By:
Christopher Lewis
Updated: Jun 20, 2024, 16:05 GMT+00:00

The NASDAQ 100 continues to be bullish overall, but at this point in time, it looks like we are essentially trying to do something to sort out some of the excess in this market.

In this article:

NASDAQ 100 Technical Analysis

The NASDAQ has been very quiet during the early hours on Thursday, and at this point in time, it looks like a market that truly wants to go higher. However, having said that, we are a little extended, so a bit of a pullback would make a certain amount of sense. Nonetheless, the NASDAQ 100, of course, is most certainly going to be driven by momentum more than anything else. So, I think you’ve got a situation where traders continue to buy these dibs, and you have to look at these dips as gifts.

The 20,000 level is sitting just below, and I do think that of course will attract a certain amount of attention. But even if we were to break down below there, somewhere near the 19,700 level, I think there’s much more support. The handful of stocks that drive the NASDAQ 100 still look strong. Remember everybody, it’s all about AI. It’s the only thing that matters right now. So therefore, it’s about three stocks that move the entire market.

This isn’t healthy, but you could have said that a year and a half ago. So, it just kind of is what it is at this point. The momentum is to the upside, and you have to play it as such. There’s absolutely no way you can short this market because quite frankly, you’re swimming upstream at best looking for dips. Probably we’ll end up paying off in the long term, but I think now that we’ve cleared the 20,000 level, we’re just hanging out, trying to sort out what to do next. I anticipate that the next thing of course will be another leg higher, but we may have to spend some time working off some of the froth here.

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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