NASDAQ Price Forecast – NASDAQ 100 Continues to See Noisy Behavior

NASDAQ 100 Technical Analysis

The Nasdaq 100 rallied a little bit during the early hours on Friday after the jobs number came out somewhat doable for traders. Ultimately, we have bounced from the 50 day EMA and that’s probably something worth paying attention to as technical traders will be very interested in this action.

Furthermore, the 17,775 level underneath is a significant barrier, and if we were to break down below, there would have been time for a deeper correction. However, it looks like the Wall Street traders are willing to jump in and start picking these stocks up, and it’s likely that we will continue the overall consolidation.

That probably makes the most sense anyway, due to the fact that we had such a bullish run that we do need to work up some of the froth in this environment, I think it’s very likely we reached the highs again, but I don’t necessarily think it will be easy. Expect a lot of noise and choppiness on the way up in this market. However, this is a situation where traders will continue to see upward momentum, but also a lot of previous sell orders to work through.

It will probably be quite noisy. We had to work through a lot of selling pressure during the previous session. Regardless, this is a market that I have no interest in shorting, and I do think that we probably eventually go looking toward the 18,500 level and possibly even 19,000, as traders continue to bet on the idea that the Federal Reserve may cut rates later this year and, in fact, expect them to do it three times.

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