NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Find Support

NASDAQ 100 Technical Analysis

The Nasdaq 100 has rallied a bit during the early hours on Monday as it looks like we are going to continue to see a lot of noisy behavior. The 19,500 level underneath is an area that previously has been supportive a couple of times. So, I think in general, you have a scenario where people are going to be looking at this through the prism of whether or not we have more of a risk on attitude. If we can break above the 19,800 level, then I think it opens up even more bullish pressure. When you look at the longer term, it is still very bullish, although it is worth noting that we have seen quite a bit of rotation in smaller companies recently.

Now that’s a relatively new phenomenon, so do keep that in mind. But with that being said, I do like the idea of buying short-term dips as long as we can stay above the $19,500 level. Anything below that region opens up the possibility of a move down to $19,000, so do keep that in mind. But it seems considering that even Joe Biden dropping out of the race didn’t rattle the market, that pretty much tells you everything you need to know.

Ultimately, this is a market that will almost certainly see people running back to the big tech name eventually, as the market has been trained to run towards them. This is an index that can be very noisy, but at this point in time, we are still very bullish from an overall perspective despite the recent pullback.

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