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

NASDAQ 100 Technical Analysis

The Nasdaq 100 pulled back just a little bit during the early hours on Tuesday, only to turn around and show signs of life. All things being equal, this is a market that I think does continue to go higher, but we are entering earnings season so we may see a little bit of volatility. Keep in mind that the Nasdaq 100 is mainly driven by about 5 to 7 stocks. So, it’ll be interesting to see how this all plays out. So far, we’ve basically dealt with financial earnings.

So, it’s not a big effect on the market. But all you can do is look at the market and realize that it is an uptrend. And therefore, you can’t short the market, at least not until something drastically changes. The 20,000 level underneath, I think is a major support level. And then after that we have the 19,500 level, which is for me at least, the bottom of the overall trend.

I do think that it’s probably only a matter of time before we break out above the most recent highs, the all-time highs and go much higher. In general, this is a market that I think will continue to be. A market that will find one reason or another, one narrative or another to simply go higher. I think shorting the indices in the United States, especially through the advent of ETFs, is a loser’s game. With that being said, I remain bullish, but I don’t necessarily push all of my chips on the table in one shot.

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