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NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Show Volatility And Resilience

By:
Christopher Lewis
Published: Jun 14, 2024, 13:34 GMT+00:00

The NASDAQ 100 has pulled back a bit in the early hours, as the market showed itself to be sensitive to the idea of G7 countries now threatening Chinese banks who deal with Russia.

In this article:

NASDAQ 100 Technical Analysis

The NASDAQ 100 has fallen a bit during the early hours on Friday, as we have seen quite a bit of fear jump into the market at the idea of the G7 releasing a statement that they were willing to punish Chinese banks that cooperate with the Russians. I don’t know that this actually means anything at the end of the day because, quite frankly, there are all kinds of sanctions that are being ignored at the moment, but it does have people willing to press the sell button when it comes to equities and risk appetite assets around the world. And it’s probably worth keeping in mind that this was all pre-US trading, so it really doesn’t matter.

With that being said, we are already starting to recover a bit, and I think before it is all said and done, we will probably shrug this off like it never happened. With this, I am bullish on NASDAQ 100 still. I think it’s just going to continue to offer value going forward. There’s no reason to think that anything has changed because, quite frankly, the Americans won’t care about this.

If Europe wants to shoot itself in the foot, it can go right ahead and do so. With this, I am a buyer of this dip. I do think that we will probably consolidate for a while. I’m not necessarily expecting a major breakout in the short term, but I certainly wouldn’t short this market even if we did fall. The 19,100 level underneath begins massive support that I just don’t see the market being able to break below.

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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