NASDAQ 100 Price Forecast – The NASDAQ 100 Continues to Look Bullish

NASDAQ 100 Technical Analysis

The NASDAQ 100 has done very little during the early session on Wednesday, and therefore, I think at this point in time, the market recovering the way it has after the CPI sell-off during the previous session, of course, is a very strong sign, but that doesn’t necessarily mean that we have a ton of momentum underneath us, at least not until we get back through the backend of the PPI numbers, which come out on Thursday.

Once that comes out, then we will have both major inflationary gauges out for the week, and this will allow traders to focus on perhaps the longer term. That being said, I still believe that the market is going to continue to look at the NASDAQ 100 as a buy on the dip type of scenario, and I will treat it as such. I believe that the 18,000 level is a significant floor in the short term, especially with the 20 day EMA.

In general, we are hanging out in a channel that is basically 45 degrees, and therefore, it is somewhat of a perfect buying opportunity in a buying channel. The market breaking higher opens up the possibility of a move to the 18,500 level, perhaps even to the 19,000 level. The NASDAQ 100, of course, is driven by a handful of stocks, but that’s been the case for a while, and I just don’t see that changing.

With that being said, I think you continue to look for value. Ultimately, this is a scenario where you just simply buy on the dip every time you get the opportunity as it continues to show itself as being so stringent in its upward momentum, and the fact that there just is no serious letdown. Again, make sure that you’re paying attention to all of the darling stocks on Wall Street, due to the fact that it’s yet another bubble that they are inflating in order to make numbers go higher.

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