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NASDAQ 100 Weekly Price Forecast – NASDAQ 100 Has a Wild Week

By:
Christopher Lewis
Published: Jul 12, 2024, 18:00 GMT+00:00

The NASDAQ 100 has been all over the place during the week, as we continue to see a lot of volatility. This is a market that will continue to be noisy to say the least. Ultimately, we are still bullish.

NASDAQ 100 Weekly Technical Analysis

The Nasdaq 100 has been all over the place during the trading week, as we have seen a lot of back and forth in risk appetite. Quite frankly, Thursday was a bit concerning because traders were worried about taking profit here and getting involved in small caps as the CPI numbers came out half what they were supposed to. However, fast forward to Friday and PPI has come in four times what it was supposed to. So, at this point in time, I don’t know how much has changed.

Yes, the Nasdaq 100 is a little bit stretched, but the candlestick itself doesn’t tell the story. It was a story of two different markets this past week. I still believe that the Nasdaq 100 is going to be one of the favored indices. And I do think that eventually we will go much higher. How much higher? I just don’t know.

But I certainly think at this point in time it’s difficult to sell in this market clearly. On Friday, everybody who got aggressively short on Thursday is now getting a lesson in pain. Most of the selling that you saw, I believe, quite frankly, was the result of profit taking and not necessarily people thinking that the Nasdaq 100 was going to fall apart.

We still have a major support level in the form of 19,500, and that’s assuming we even get there, because we have the 20,000 level between here and there and that psychology alone could keep the market somewhat afloat.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.

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