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NASDAQ 100 Price Forecast – NASDAQ 100 Likely to Find Buyers

By:
Christopher Lewis
Published: May 30, 2024, 12:45 GMT+00:00

The NASDAQ 100 fell a bit in the early hours of Thursday but looks as if it is finding buyers underneath with the slight bounce that has already happened. With this, I think the trend continues to the upside.

In this article:

NASDAQ 100 Technical Analysis

It looks to me like the NASDAQ 100 will continue to see a lot of noisy behavior, but I think given enough time, we probably see something along the lines of an attempt to get back to the highs. That being said, do keep in mind that the Friday Session features the core PCE numbers and that could cause quite a bit of volatility. So with this, I like the idea of buying this dip, but I wouldn’t get too big into this position. The 18,600 level underneath is a massive support level that I think a lot of people need to pay close attention to and therefore as long as it holds I think we just simply go sideways.

You can see on the four hour chart that it is very range bound. And ultimately, I think we need to keep this in the back of our mind. If we can break above the 18,950 level or maybe even 19,000, it opens up a move to the 20,000 level. I have no interest in shorting this market. I do believe that the NASDAQ 100 continues to outperform.

But we are in the midst of basically just digesting a lot of excess froth on the way up. If we do get some type of significant pullback due to the core PCE numbers, then I think there will be plenty of value hunters underneath looking to take advantage of cheap contracts, especially as it is mainly the A.I. names that drive the markets currently, and therefore the NASDAQ 100 is a favorite.

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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