NASDAQ 100 Price Forecast – The NASDAQ 100 Continues to Grind Higher Over Time

NASDAQ 100 Technical Analysis

The NASDAQ 100 has been very quiet during the early hours on Tuesday which does make a lot of sense considering that we are waiting on CPI numbers on Wednesday. This of course will give us an idea as to what inflation is doing and, in that environment, it could tell us whether or not stocks will go higher or lower based on what the Federal Reserve might do. The market has gone from pricing three rate cuts between now and the end of the year to starting to price in two when it comes to the Fed funds futures market.

If that’s the case, then it’ll be interesting to see how the stock market behaves because it moves solely based on the idea of cheap money. In general, I believe this is a market that still looks very much like a bullish one, but I also recognize that we could very well be looking at a phase between the 17,775 level on the bottom and then the 18,500 level.

This of course, could be the range we’re in for a while as the market has to work off some of the excess froth that we have seen. The 50 day EMA sits underneath, offering support almost like a trend line. So, all things being equal, I do think we eventually go higher, but I like buying dips. I don’t necessarily think this is a scenario where you can expect huge moves, at least until we get some of the inflation numbers out of the way .

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