NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Find Buyers

NASDAQ 100 Forecast Video for 01-02-2024

NASDAQ 100 Technical Analysis

The NASDAQ 100 fell a bit during the trading session on Wednesday but turned around to show signs of life. The market turned around the way it has, suggests we will rally a bit and perhaps try to go back into the consolidation range we had broken down below.

That being said, this is a market that I think continues to be very noisy. And, of course, we have the FOMC meeting later in the day, which will significantly influence how people treat stock markets in general. If monetary policy is, in fact, going to continue to loosen later in the year, that probably has Wall Street celebrating. Remember, Wall Street doesn’t care about the economy, it cares about the liquidity and the market.

Also, you need to pay attention to the fact that six or seven stocks drive the NASDAQ 100, so as long as all of the same stocks that everybody else owns are a positive thing, the NASDAQ 100 will buy an extension rally. This includes stocks like Nvidia, Microsoft, Tesla, etc.

But at this juncture, I think any pullback you get will end up being a buying opportunity, especially near the $16,950 level, which was previous resistance. This assumes that we even get there. On the other hand, if we break out to a fresh new high, then I think it opens up a move to the $18,000 level, which wouldn’t surprise me, considering how the NASDAQ has behaved since October of last year. It’s pretty much been straight up in the air.

Buying on the dips is the only thing you can do here because the market is out of control. This does set up for something very ugly down the road, but there are no signs of it yet, and because of that, I can’t fight the trend. Because of this, the only thing I can do is hold my nose and buy this market, every time he gives me an opportunity to do so at a lower level.

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