NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Find Buyers on Dips

NASDAQ 100 Technical Analysis

The market initially pulled back early during the trading session on Monday to reach the 20 day EMA and then turned around to show signs of life. By doing so, it’s likely that we will continue the overall uptrend and I do think that the market continues to see a lot of buy on the dip behavior. If we can continue to go higher, perhaps reaching towards the highs again, we are in a bit of a perfect 45 degree uptrend, so that does make a certain amount of sense.

With that being the case, I like the idea of taking advantage of short-term dips, but I also recognize that this is a positive market but it is also a fairly choppy one at the moment as well, as we continue to see a lot of back and forth. Either way, I have no interest in shorting this market. The Nasdaq 100 will of course continue to run on the idea that a lot of passive investing is going directly into AI and AI related companies. And therefore, the Nasdaq 100 is going to continue to perform well as those handful of companies that really drive most of the market waiting continue to get bought into.

Even if we do break down from here, the 50 day EMA is the next major support level and that would be a decent retracement, probably be more bullish than bearish just due to the fact that it would offer some type of value. At this point the market looks like it’s just going to continue the same pattern until something changes, but from a bigger standpoint right now, we just don’t seem to have it. Ultimately, this is a market that I think is almost purely driven on momentum, and I just don’t see that changing at the moment. Someday, this thing will fall apart but right now we are nowhere near having that happen.

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