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NASDAQ 100 Price Forecast – The NASDAQ 100 Continues to Look For Floor in The Market

By:
Christopher Lewis
Published: Apr 18, 2024, 12:51 GMT+00:00

The NASDAQ 100 continues to see a lot of noise, but in the early hours of Thursday, it appears that the market is trying to turn things around, which could lead to value trades.

In this article:

NASDAQ 100 Technical Analysis

The NASDAQ 100 has tried to stabilize a bit during the trading session on Thursday as it looks like the $17,500 level is at least providing a little bit of market memory and support. Ultimately, this is a market that has fallen a few percent over the last couple of days and perhaps value hunters are starting to come back into the picture.

Keep in mind that the semiconductors got absolutely hammered during the Wednesday session, so it’ll be interesting to see how that plays out. If they start to take off a bit, that will drag this market back to the upside. The 50-day EMA sits just above the Wednesday candlestick and clearing that to the upside allows the market to go looking towards the $18,500 level again. Despite the fact that we’ve had a significant pullback, this is still a market that is most certainly bullish overall and therefore I’m looking for buying opportunities and I don’t really have any interest in shorting it although I do fully admit that the market desperately needs a pullback. That being said, indices are not made to fall, otherwise they would be equally weighted. They are not. The Nasdaq 100 is most certainly not an equal weighted index, although a few exist here and there.

Rather than being an equal weighted index, it is an index that relies on anywhere from about five to ten stocks to move the entire thing. In other words, think about AI. AI has been the major driver of what we have seen most of this year. Ultimately, if we get those names back to the upside, that will drag this market right along with it.

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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