NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Find Buyers

NASDAQ 100 Technical Analysis

You can see the NASDAQ 100 has been rallying for some time with the exception of a couple of days. But at this point in time, it looks to me like the market is trying to get to the $18,400 level and short term pullbacks should continue to be buying opportunities. Keep in mind that this is all about whether or not the Fed will cut later.

Who knows what, but at this point we are in the midst of earning season and that helps a bit, but ultimately this is all about just a handful of stocks and how they are performing. This is not a hundred stocks at this point, it’s more along the lines of like five and if that’s the case as long as the usual suspects do fairly well then so will this index. I don’t see anything to keep this index from going higher and I do think the short-term pullbacks have plenty of support near the 18,000 level and then of course the 17,850 level which also features the 50-day EMA.

If we can break above the 18,500 level, it’s likely that the market could go looking to the 20,000 level. In general, I think this is a market that remains bullish but obviously we will get the occasional pushback due to the fact that we are a little stretched at this point. Regardless, I have no interest in shorting the market. It’s just not designed to fall over the longer term. Otherwise, it would be equal weighted.

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