NASDAQ 100 Price Forecast – NASDAQ 100 Rallies Early

NASDAQ 100 Forecast Video for 30-01-2024

NASDAQ 100 Technical Analysis

The NASDAQ 100 kicked off the early hours on Monday rallying again, but there are some things to pay attention to just above. We did form a shooting star on both Thursday and Friday of last week, so it does suggest that perhaps we are getting somewhat overextended. At this point, I think a pullback probably makes more sense than not with the 20 day EMA and the 16,950 level underneath, both offering potential buying opportunities. That being said, there have been multiple times in the past where it looked like a pullback was going to make more sense than not, but we chose not to. So really the only way to play this market is to buy dips and don’t short it, regardless.

Even if you told me tomorrow that the market was going to be down to the 17,000 level, I would not be a seller of the NASDAQ 100 because it’s obviously in its own universe. Keep in mind that Wednesday has an FOMC meeting and perhaps more importantly, a press conference after that decision. And I think that might have a major influence on how we trade between now and then, mainly due to the fact that most people won’t want to be overexposed before that volatility. That being said, I certainly think we have a lot of clarity coming after that meeting because it will give Wall Street a reason to take on more risk or perhaps even panic.

So, a little bit of a drift with a slight pullback is essentially what I think happened, but obviously if we break the top of these two shooting stars that’s a very strong sign and you can’t fight it. Keep in mind that the NASDAQ 100 is basically driven by a handful of companies, so, with that being the case, you have to pay attention to all the usual ones that everybody else owns. It has basically become an ETF of seven stocks and 93 others that people sometimes pay attention to.

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