NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Find Dip Buyers

NASDAQ 100 Technical Analysis

Taking a look at the NASDAQ 100, you can see that we have rallied a bit during the early hours on Thursday as we continue to bounce around. I think part of what’s going on is a push and pull situation in the bond markets, and that has caused a bit of chaos in the stock markets. The Nasdaq 100, of course, is the darling of Wall Street because it’s basically an ETF of three or four stocks that everybody owns. So therefore, it is very positive most of the time, not always. So, with that being the case, it’s not a huge surprise to see that we have bounced a bit, and I would anticipate we probably continue to go higher given enough time.

But I also recognize that Friday features the core PCE numbers, a main component in what the Federal Reserve looks at as far as monetary policy is concerned. With that being the case, we could get a little bit of volatility, but again, I think this is one of the situations where anytime the NASDAQ 100 pulls back a bit, you have to look at it as a potential buying opportunity.

I’d also postulate that the 19,500 level is an area that I think will probably be defended in the short term. Whether or not it holds, we’ll have to wait and see. But I think as far as the immediate action of the market is concerned, this is an area that is absolutely crucial. If we break down below there, we could go look into 19,000. But right now, it certainly looks like we are more likely to try to break to the upside and challenge 20,000.

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