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NASDAQ Weekly Price Forecast – NASDAQ 100 Continues to See Long Term Trend

By:
Christopher Lewis
Updated: Jun 14, 2024, 18:48 GMT+00:00

The NASDAQ 100 has rallied again for the week, as we continue to see a lot of upward pressure in this market. The “risk on” attitude continues, and I think that’s the game here – we are buying dips when we get them.

In this article:

NASDAQ 100 Technical Analysis

The NASDAQ 100 has rallied rather significantly during the course of the week, breaking well above the 19,000 level and now is above the 19,500 level. The Nasdaq 100 will continue to be a significant place to put money to work and therefore I think short-term pullbacks will end up being buying opportunities. I do believe that the Nasdaq 100 will eventually go looking to the 20,000 level because quite frankly it’s driven by just a handful of stocks that everybody loves. As long as Nvidia, Oracle, Microsoft, those types of stocks that have anything to do with AI remain hot, the Nasdaq 100 won’t be able to fall for any significant amount of time.

Remember, it’s not an equal weighted index, so it’s more or less a given that buyers will return time and time again based on the handful of stocks that everybody owns. If we were to break down below the 19,000 level, it opens up a move down to the 18,000 level possibly. In general, this is a situation where the markets are going to continue to see noise, but the longer-term all looks the same, regardless of the fundamental information that we get.

But even then, it would be but a blip on the radar of the longer term attitude and trend of this massive market move. I have no interest in shorting, but I do recognize that the 20,000 level would probably cause a significant amount of psychological resistance and possibly options barriers.

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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