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

By:
Christopher Lewis
Updated: Jun 21, 2024, 16:21 GMT+00:00

The weekly chart of the NASDAQ 100 continues to look bullish, but at this point we might be seeing a little bit of exhaustion come into the picture.

In this article:

NASDAQ 100 Technical Analysis

The NASDAQ 100 spent most of the week trying to rally, but it looks like we are giving back quite a bit of the gains, and it looks like the exhaustion is starting to kick in, it is probably worth noting that the 20,000 level was broken during the week, and it’s probably also worth noting that it was Juneteenth on Wednesday, meaning that the underlying index would have been closed. So with all of that being said, I don’t think there’s a whole lot to read from this chart other than we may get a little bit of a pullback.

That pullback should be thought of as a potential buying opportunity with massive amounts of support at various levels, not the least of which would be the 18,500 level. The 17,000 level below there features a 50-week EMA. So that would be the first technical support level, I believe, on the weekly chart. Either way, this is a market that might be a little overdone, but that’s fine. It’s still very bullish. You’re not looking to short the market regardless.

And therefore, I think this remains a buy-on-the-dip market. I don’t see anything on the chart that suggests we can’t go higher, it’s just we may not for a few weeks. A little bit of patience and a whole lot of money management probably goes a long way in what has been a very brutal uptrend. I believe this continues to be the case, and I just don’t see it changing anytime soon at this point. However, there will be pullbacks that happen, so be prepared to take advantage of them.

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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