NASDAQ 100 Price Forecast – NASDAQ 100 Remains Bullish

NASDAQ 100 Technical Analysis

The NASDAQ 100 drifted a little bit lower during the trading session on Thursday, as it looks like we are going to head into the weekend somewhat flat. That’s not a huge surprise, considering that the market had rallied so drastically, and of course, most traders don’t want to be exposed over a three-day weekend. That being said, this is a market that I think you need to pay close attention to, and I think a short-term pullback is likely to be a nice buying opportunity.

The 50-day EMA is pulling into the 17,775 level, an area that previously has been support, so therefore you need to pay close attention to that as well. Either way, I think this is a market that you don’t sell. You look for short-term pullbacks to take advantage of or a breakout to the upside.

Eventually, the NASDAQ 100 will go looking to the 18,500 level and then the 19,000 level after that. I think given enough time the market could even go as high as 20,000 based on the attitude that we have seen. Remember, most traders out there focus on the idea that the Federal Reserve is likely to cut interest rates this year, and that of course makes everybody excited. In general, I think short-term pullbacks will continue to attract plenty of traders that are just simply trying to get involved.

If we did break down below the 17,775 level and the 50 day EMA, then we could drop another 100 to 300 points depending on how much momentum we have. But even that would just end up being a nice buying opportunity. Remember, the NASDAQ 100 is driven by a handful of stocks and as long as the AI darlings are still out there, I don’t see the NASDAQ 100 losing strength for any great amount of time.

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