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NASDAQ Price Forecast – NASDAQ 100 Continues to Drift Into NFP Friday

By:
Christopher Lewis
Published: Apr 3, 2024, 12:58 UTC

The NASDAQ 100 drifted a little lower during the session on Wednesday, but at this point the market is likely to simply continue to wait for the next major economic announcement, the Non-Farm Payroll numbers.

In this article:

NASDAQ 100 Technical Analysis

The NASDAQ 100 pulled back just a bit during the early hours here on Wednesday, as it looks like we are going to continue to see more of a slow drift. That does make a certain amount of sense considering that we have the jobs number coming out on Friday, and that of course will have a major influence on what happens next.

With that being the case, I think you’ve got a situation where we have to keep an eye on the 50 day EMA and the 17,775 level. With the jobs number coming on Friday, it could be a bit quiet for the next day or two, but really this is a scenario where we will continue to buy on the dips and that will continue to be choppy, but I do think ultimately, we go higher. Keep in mind that the NASDAQ 100 is driven by a handful of stocks still, and therefore it all comes down to what the big, widely followed stocks are doing.

In the meantime, I think we probably don’t have an explosive move to the upside due to the fact that we just have come so far and of course there’s no real catalyst. There are concerns about whether or not the economy is starting to slide, whether or not interest rates are starting to jump again, and if that’s going to be the case, that is negative for the Nasdaq 100. But in the meantime, I think what we’re doing is working off some froth and just waiting for Friday’s economic data.

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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