NASDAQ 100 Price Forecast – NASDAQ 100 Plunges Only to Recover

NASDAQ 100 Technical Analysis

The NASDAQ 100 plunged as Israel retaliated against Iran overnight and it sent stocks much lower. A lot of volatility came into the picture and the NASDAQ 100 plunged towards the 17,000 level. That being said, as we are approaching the opening bell, we have bounced to almost unchanged, and this suggests that perhaps buyers are going to come in and try to pick up this market sooner rather than later. It certainly makes a lot of sense that we would see some type of reaction here. That’s an 8% pullback, which is quite healthy in a massive uptrend.

We are in the midst of earnings season, and further compounding all of this is the fact that Netflix is now going to, at the start of next year, stop reporting how many subscribers they have, and of course Netflix is a pretty big company in the index. So, all of that combined together certainly has people concerned. However, the price action tells me that we may be getting close to the bottom of the correction. If we can stabilize here, I think next week could end up being very positive for the NASDAQ 100, as there is nothing from a major economic policy standpoint coming out.

Yes, there will be the occasional earnings call that might rattle the markets one way or the other, but we are setting up for a fairly quiet week next week as far as macroeconomics are concerned, and that might be the calming scenario that people need to see. 17,000 has certainly become major support level so as long as we stay above there, I think we have a shot at bouncing.

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