NASDAQ 100 Price Forecast – NASDAQ 100 Waits For Uncle Jerome

Christopher Lewis
Published: Mar 20, 2024, 14:00 GMT+00:00

The NASDAQ 100 is slightly positive heading into the Federal Reserve meeting, as Jerome Powell is likely to do everything he can to soothe the nerves of Wall Street.

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NASDAQ 100 Technical Analysis

You can see that the NASDAQ 100 rallied slightly during the early hours on Wednesday as we wait for the Federal Reserve to kick off its meeting, make its announcement and give its press conference. I think it’s likely that we will continue to see a lot of back and forth here. Given enough time, I do think that eventually traders will continue to look at this through the prism of buying on the dip. The 17,800 level is an area that I think a lot of people have to pay close attention to. And of course we have the 50 day EMA as well. All things being equal, this is a situation where the Federal Reserve will more likely than not come to the rescue of Wall Street as that’s basically what they do. That’s what they’re there for.

So, the 50 day EMA is an area that I think will be difficult to break down below. If we do break down below there, that would obviously be very drastic, but ultimately, I think you’ve got a scenario where if we get a knee-jerk reaction to the downside, traders will jump in to take advantage of it. The Nasdaq 100 has been extraordinarily bullish for some time as we have been grinding in a nice 45 degree angle for a while. If we break above the recent highs, then it is more likely than not that we will reach the 18,500 level. Anything above there will be the “FOMO trade” just waiting to happen yet again as we have been in a bit of a feedback loop for a while.

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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