NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Fall Hard

NASDAQ 100 Technical Analysis

The NASDAQ 100 fell apart during the early hours on Wednesday and now that the PMI numbers came out much weaker than anticipated in the United States, it suggests that perhaps the economy is starting to slow down. If that’s the case, then we’ll have to see how stocks behave because sooner or later, somebody will come up with the glorious idea that the Fed is going to come and bail everybody out.

But at this point in time, you need to be very cautious about jumping in and trying to catch a falling knife in this market. This could be a scenario where we see much more selling pressure than you think. We are down well over 2% almost immediately, so we may get the occasional bounce. But it’s worth noting that we just broke down through the bottom of a major support level. And now we could be looking at a move towards the 19,000 level.

Keep in mind that Tesla falling the way it has, also puts a lot of negativity in this market. And at this point, I think you have to be very cautious. I’m not willing to sell this market because that only works very rarely, but I am willing to buy value. I think value is about to present itself over the next several days. We’ll just have to see when that happens. For the next 24 hours, I wouldn’t touch it due to all of the nonsense and noise at the moment.

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