Advertisement
Advertisement

NASDAQ 100 Price Forecast – NASDAQ 100 Pulls Back Slightly

By:
Christopher Lewis
Published: Apr 12, 2024, 13:37 GMT+00:00

The NASDAQ 100 pulled back a bit in the early hours on Friday, as the markets continue to look for some kind of support.

In this article:

NASDAQ 100 Technical Analysis

You can see that the Nasdaq 100 pulled back slightly during the early hours on Friday as it looks like we continue to consolidate overall. That being said, the Thursday candlestick was very strong. And this of course is a sign that there are people out there willing to step in and buy this market.

After all, we really took off from the 50 day EMA. That’s not to say that we are suddenly going to go straight up in the air for a bigger move, just that we certainly don’t want to short this market. I suspect we continue to consolidate overall with not only the 50 day EMA offering support, but also the 17,775 level.

The upside features the 18,500 level as a major resistance barrier and ceiling in the market. If we were to break above there, then we’ll kick off the next leg higher. But as things stand right now, it looks like we just continue to go back and forth in general and try to work off some of the froth from that big move higher.

We do kick off earnings on Friday, bank earnings, which don’t have so much to do with the Nasdaq 100. We’re generally disappointed. So, we’ll have to see how the earnings season plays out. But right now, I think we’re just simply in a bit of a holding pattern. So, I still like the idea of buying on dips as long as we can stay above that crucial 17,775 level.

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.

Did you find this article useful?

Advertisement