NASDAQ 100 Weekly Price Forecast – NASDAQ 100 Continues to Grind Higher

Christopher Lewis
Published: May 24, 2024, 14:39 GMT+00:00

The NASDAQ 100 has been bullish most of the week, with the exception of fear entering the market on Thursday. However, it looks like we are going to continue to see buyers jump in when they get value. Keep in mind, Monday is Memorial Day in America.

In this article:

NASDAQ 100 Technical Analysis

The NASDAQ 100 rallied rather significantly during the week but also gave up quite a bit of the gains late in the week on Thursday as interest rates spiked again. That being said, we have made a fresh new high and that typically means that we have further to go. And quite frankly, with the earnings that have come out of major companies such as Nvidia, it’s difficult to believe that the trend is going to change anytime soon.

I think this is a situation where you are simply jumping into the market and taking advantage of any value that appears. Ultimately, I have no interest in being short of this market, with the 17,850 level being a particular interest area for me, as it should be support.

And if we break down below there, then the 17,000 level is a major also. If we can break above the top of the week candle, then we could go much higher. Keep in mind that it is Memorial Day on Monday. So going into this week, it’s going to be very quiet for a moment before we get any real liquidity or any volume into the market. Regardless, this is a positive market, not a negative one. And you need to treat it as such. I have no interest whatsoever in trying to short a market that has been this bullish for so long. I suspect that we will continue higher as long as the market continues to see earnings impress like they have.

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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