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NASDAQ 100 Weekly Price Forecast – NASDAQ 100 Continues to Look For Momentum in Uptrend

By:
Christopher Lewis
Published: Feb 2, 2024, 16:07 UTC

The NASDAQ 100 continues to look for momentum in its overall uptrend, as we have seen a lot of volatility during the week.

Nasdaq, FX Empire

In this article:

NASDAQ 100 Forecast Video for 05-02-2024

NASDAQ 100 Technical Analysis

We have gone back and forth during the trading session here in the NASDAQ 100 and it does look a little bit heavy. That being said, the market is certainly one that you don’t want to be a seller of and I think that every time the market pulls back, there will be plenty of buyers willing to get involved in this scenario. I like the idea of buying dips and quite frankly, just don’t have any interest in trying to fight what I see on the chart. Momentum is the biggest thing that this market offers, and of course options traders now run the show anyway.

Underneath the 17,000 level should be support but if we break down below there, then we’re probably looking at 16,500 or so as the next support area. In general, I do think that we continue to break higher because quite frankly, Wall Street’s like a broken record on top of that. Earnings have actually been good, which is a bit of a surprise despite the fact that inflation is still running rampant. It looks like we’re in an economy in the United States that is going to continue to perhaps perversely push markets higher, despite the fact that we don’t necessarily have a lot going on as far as the inflation fight that looks like we’re winning. So, all things being equal, I think the only thing you can do is follow the charts and buy value when it appears.

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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