NASDAQ 100 Price Forecast – NASDAQ 100 Pulls Back a Bit on Wednesday

NASDAQ 100 Technical Analysis

It’s obvious that the NASDAQ 100 is a little bit stretched in the short term and that might be part of what we are seeing in the early hours on Wednesday. That being said, it should end up being a buying opportunity because quite frankly the market is very impulsive, and it of course will be running on the idea that sooner or later Jerome Powell will come save Wall Street. That’s been the narrative for several months now, going all the way back to the swing low just before Halloween. The 17,850 level is more likely than not going to be a support level. And if that doesn’t do it, you have the 50 day EMA in that neighborhood as well. So that comes into the picture also as a potential buying opportunity.

I’m looking for a short-term pullback and a bounce that I can take advantage of because the NASDAQ 100 is extraordinarily strong most of the time and is the favorite of the options trading crowd. Ultimately, I do think that we will go higher, and I think that we test the highs near the 18,500 level and eventually break through. That being said, if we were to break down below the 17,700 level, we could drop it as far as 17,000 where I’d expect to see a lot of pressure to the upside as it was the most recent swing high, and we did shoot straight up in the air from that level. Regardless, we’re in an uptrend, keep that in mind at the end of the day, that’s the thing that matters the most.

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