NASDAQ 100 Weekly Price Forecast – NASDAQ 100 Continues to Look to The Upside

NASDAQ 100 Technical Analysis

As you can see, we did pull back a bit for the week. As the NASDAQ 100 pulls back, there are plenty of people out there willing to pick up the market. They also are looking at the 17,775 level underneath as support.

This is an area where we’ve seen quite a bit of support. And I think at this point in time, as long as we stay above there, any pullback will be looked at as a potential just working off of the froth rather than some type of serious problem. The market going sideways would make a certain amount of sense as we have seen a straight shot up in the air. But we also have to keep in mind, this is the beginning of Q2 now. And as a result, there will be more inflows. So, I think it’s probably only a matter of time before we break higher yet again. This is a market that I don’t want to short regardless. And even if we did break down below the 17,775 level, it’s likely that the 17,000 level will be support followed by the 50-week EMA.

Quite frankly, the NASDAQ 100 is running on a feedback loop of momentum. It has nothing to do with the economy. Don’t even waste your time worrying about that as it’s all about monetary flow. The same six or seven stocks are driving everything. So keep in mind, you’re not actually trading 100 stocks here. You’re trading like six. The other stocks in this index make up such a small amount of the momentum that it is pretty much an irrelevant afterthought. At this point in time, every time we pull back, it should offer value.

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