NASDAQ 100 Weekly Price Forecast – NASDAQ 100 Finds Buyers on Lunch

Christopher Lewis
Published: May 3, 2024, 16:44 GMT+00:00

The NASDAQ 100 fell a bit during the course of the trading week but has turned around to show signs of severe strength near the 17,000 level as it offered massive support.

In this article:

NASDAQ 100 Technical Analysis

The NASDAQ 100 initially fell during the week but has turned around to show signs of life after Wall Street has celebrated a weaker than anticipated jobs number. The stock market started to pick up a little bit of steam on Thursday which suggests that perhaps the report was leaked, which is typical.

So, with that being said, we are starting to threaten that big wipeout candlestick from a couple of weeks ago, and if we break above it, it’s likely that the NASDAQ 100 goes much higher. In that environment, we could go testing the recent all-time highs again, and then eventually break above there. While this has been a nasty couple of weeks, the reality is that the NASDAQ 100 is still very much in an uptrend.

And in fact, the $17,000 level has offered a hard floor in the market that you should be aware of. With this being the case, I think you continue to see traders come in and buy dips, and I think that continues the longer term trend higher. With all of that being said, this is a market that I think is being driven by a handful of stocks, but quite frankly, if interest rates start dropping, the Nasdaq 100 is going to take off and truly be bullish. And that environment I think 20,000 is a reasonable target. It’s going to take some time to get there, but I think that’s what longer term traders are starting to gun for now.

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.

Did you find this article useful?