NASDAQ Price Forecast – NASDAQ 100 Continues to Look For Bounce

Christopher Lewis
Published: Apr 22, 2024, 13:01 GMT+00:00

The NASDAQ 100 rallied a bit in the early hours on Monday, as the markets continue to see a lot of volatility. However, the Monday session will have a lack of economic announcement, perhaps letting the market recover?

In this article:

NASDAQ 100 Technical Analysis

The Nasdaq 100 rallied a bit during the early hours on Monday, as it looks like we are trying to recover. The 17,000 level, of course, is a large round figure that a lot of people will pay attention to, and it’s also possible to keep in mind that the market is looking at this as previous resistance.

So, market memory comes into the picture. And I think in general, you have a situation where we have gotten a little oversold. So, a bit of a bounce does make quite a bit of sense. If we were to break down below the 17,000 level, then around the 200 day EMA near the 16,400 level rising, that could offer the next target for short sellers.

Nonetheless, I think we are overdone, and I do think that a bounce makes quite a bit of sense, especially considering that we don’t have much in the way of economic announcements to change the overall attitude of this market. So, with that being said, I think given enough time, we do rally. We probably go looking towards the 50 day EMA above, especially if earnings calls are better than people expected.

The Federal Reserve is going to stay tight for a while, and that has put a lot of downward pressure on the overall market. But in general, we are still very much in an uptrend and there’s no reason to think that anything has changed from a trend standpoint. So, with that being the case, I think you have to look at this as a market that you’re getting ready to buy the dip in. And of course, it will eventually try to get to the highs. I have no interest in shorting, I’m just looking for an opportunity that may be presenting itself right now.

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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