NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look For Support

NASDAQ 100 Technical Analysis

You can see that the NASDAQ 100 has gone back and forth a bit during the early hours on Wednesday as we wait for the FOMC. The FOMC statement, monetary policy statement, press conference, and interest rate decision will all have a major influence on where risk appetite goes next. As the market looks now, I suspect that we are in a roughly 850 point consolidation phase or at least trying to form that.

The 17,000 level underneath was major support previously so we will have to wait to see whether or not that holds up. Ultimately this is a market that I think you have to look at through the prism of whether or not it is going to end up being just a blip or if we are going to pull back down to the 17,000 level to offer a test of support. Anything below there opens up the real possibility of a move to the 200 day EMA.

As things stand right now, I’m fairly neutral on this and I don’t know if Powell will say anything to shock the markets, but I could be wrong obviously. So, at this point I’d be interested in buying on a dip down to the $17,000 level, but it would need to either bounce first or show some signs of stabilization. After that I look to the 200-day EMA as another entry point. Either way, this is going to be a very volatile market and you’re going to need to be very careful with your position sizing.

For a look at all of today’s economic events, check out our economic calendar.