NASDAQ Weekly Price Forecast – NASDAQ 100 Continues to See Upward Momentum in General

NASDAQ 100 Weekly Technical Analysis

As you can see, the NASDAQ 100 continues to look pretty noisy. We’ve been back and forth all week, and I do think that we have a situation where you probably want to look at this through the prism of a longer term uptrend, but also recognize that we may eventually see a scenario where we do get a strong pullback. Now that strong pullback doesn’t necessarily mean anything. It just means that you would more likely than not be looking at people trying to find value. And if that’s going to be the case, then you will probably see market memory come back into the picture, especially in your 16,950. I’m not necessarily saying that it’s going to happen, but that certainly could.

We have the 20 week EMA in that area, and I do think that would offer quite a bit of value. This is a market that has essentially been on a tear for what seems like a lifetime, and therefore you have to be very cautious getting overly aggressive at this point, because eventually somebody’s going to want to take profit, but either way, this is still a one-way trade. You’re looking to buy dips and certainly not short anytime soon. I do believe that we still have further to go to the upside at the moment, but it wouldn’t necessarily have to be in a straight line up. With this, I am looking for value and taking advantage of it every time it shows up in prices.

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