NASDAQ 100 Weekly Price Forecast – NASDAQ 100 Continues to Find Buyers on Dips

NASDAQ 100 Forecast Video for 19-02-2024

NASDAQ 100 Technical Analysis

The NASDAQ 100 initially fell during the course of the trading week but has turned around to show signs of resiliency yet again. In fact, we are in the process of trying to form a hammer, which is quite remarkable considering that the market has gone straight up in the air for the better part of a year. So really at this point in time, I think you’ve got a situation where you have to look at each dip as a potential buying opportunity. I mean, clearly the trading public does.

Underneath we have the 16,950 level offering significant support. So, I think that might be your short-term floor. If we can break higher, then we will target the 18,000 level. And then I think eventually the 20,000 level. This has been a ridiculous melt up, but at the end of the day, this is a market that runs solely on momentum as it’s driven by just a handful of stocks as we all know.

There is certainly no way to sell in this market anytime soon and that’s something that you just have to hold your nose and buy every time you get an opportunity to do so at a lower price. This has been the strategy for some time, and I just don’t see it changing with the way the market is behaving. That being said, keep in mind that Monday is Presidents’ Day and the US so that will affect liquidity. In general, I just don’t wish to fight this type of momentum.

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