NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Volatility

NASDAQ 100 Technical Analysis

Wall Street celebrates less jobs. The Nasdaq 100 has rallied a bit during the trading session on Friday as the jobs report in the United States came in lighter than anticipated. Because of this, it looks like we are threatening the 17,850 level, an area that I think a lot of people have been paying close attention to as it previously had been support. If we can break above there, it’s likely that the Nasdaq 100 will go towards the highs again.

Quite frankly, it would not surprise me at all to see that happen due to the fact that Wall Street is desperately looking for a reason to believe that the Federal Reserve will start to cut rates sooner rather than later. And at this point in time, you still have a situation where traders are looking at this through the prism of whether or not the Fed is going to move. It has nothing to do with the economy. Because if it did, then job losses would be a bad thing.

So, with that being the case, I think you continue to see bullish pressure and short-term pullbacks will more likely than not get bought into. The 50-day EMA should offer support right along with the 17,500 level. In general, I think the uptrend will more likely than not continue and therefore you have to look at it through a prism of a market that will be noisy but bullish before it’s all said and done, as Wall Street will eventually find one reason or another to get bullish again.

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