Nasdaq 100 Forecast: Can QQQ Reclaim This Critical Level?
The Nasdaq 100 is testing an pivotal level after several months of pressure from both macro events and weaker momentum. QQQ is holding an area that has often made the difference between a consolidating pullback and a deeper decline. How it behaves here will most likely define the next move, even before the bigger narrative has fully shifted.
In the last few months, the Nasdaq 100 has been battered by one woe after another. The AI supercycle criticisms that have made the giants that lead the index stumble over the last few months. The U.S.-Iran War sealed the deal, and until there is good news about the Strait of Hormuz, tech stocks are likely to stay depressed. The question becomes at what levels could we move to with good or bad news, and how to navigate this clear break in the bullish trend. The index is fighting for a key technical level that I am watching closely, as often these levels give the tell before the macro news hits the headlines. By then, the trade will already be played out.