NASDAQ 100 Price Forecast – NASDAQ 100 Sees Support Early on Monday

NASDAQ 100 Technical Analysis

The NASDAQ 100 on the four hour chart has pulled back just a bit, but it does look like the closer we get to New York trading, the more likely we are to see buyers jumping in and trying to pick this market up.

The 19,000 level seems to be a bit of a magnet for interest, but even if we break down below there, somewhere near the 18,850 level there should be a significant amount of support as well. Given enough time, the 19,150 level I believe gets broken to the upside and we continue to go much higher. Over the longer term, I fully anticipate that the NASDAQ-100 will continue to rise, mainly due to the fact that it is not an equal weighted index.

What I mean by this is that it is just a handful of stocks out there that move the entirety of the market basically. At this point in time, as long as all of the big names like Nvidia, Microsoft, Apple are all doing well, so is the NASDAQ 100. You are essentially trading an ETF of about five to seven companies most of the time.

Even if we do break down at this point in time, we are nowhere near an area where I would be comfortable shorting the market as Wall Street is still trying to talk itself into higher pricing and momentum of course is a major feature of this index. Not a bug. So, with that, I think it’s probably only a matter of time before we see buyers jump in and take advantage of any dip and continue to push this market higher, at least in the foreseeable future.

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