NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Stretch Higher

NASDAQ 100 Forecast Video for 31-01-2024

NASDAQ 100 Technical Analysis

The NASDAQ 100 was very quiet in the early hours on Tuesday, as we are now at the highs again. The market pulling back from here would make a certain amount of sense, but at this point, it would only end up being a buying opportunity. That being said, the market is likely to be in a situation where we are waiting for the Wednesday FOMC statement and decision. This obviously can move the market quite drastically, but one has to wonder whether or not the Federal Reserve will decide to do anything that could shock the markets. At this point, I think they’ve shown themselves to be very much in the pocket of Wall Street.

So, I think a lot of people are going to be very cautious, but I still think that it is a buy-on-the-dip type of scenario. The 16,950 level is a major support level, as it was the previous resistance. And of course, there are a lot of expectations that the Federal Reserve will cut multiple times in 2024. That being said, it doesn’t necessarily mean we go straight up in the air. That pullback that could be coming is a nice opportunity from what I see, especially with the 50-day EMA also racing towards the same area.

In general, I think the NASDAQ 100 is going to continue to rise toward the 18,000 level, especially as the NASDAQ 100 is only driven by a handful of widely held stocks. Generally speaking, it could be called the NASDAQ 7. In general, I think this is a market that is a one-way trade, and you just simply have to wait for a little bit of value to get involved.

The market will likely react violently to the press conference after Wednesday, but at the end of the day, it will more likely than not continue its upward trajectory and any type of sell-off should be thought of as an opportunity.

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