NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Grind Back And Forth

NASDAQ 100 Technical Analysis

The NASDAQ 100 has rallied a bit during the early hours, but it does look like it’s struggling with the 19,500 level in the early morning hours of Thursday. The question now is whether or not we can continue to go higher. And I think Friday could be crucial due to the fact that the core PCE index number comes out, which is one of the Federal Reserve’s favorite indicators of inflation. The NASDAQ 100, of course, is going to be influenced by Nvidia and its sell off overnight of a couple of percent.

Whether or not we can turn things around remains to be seen, but if we do break above the 19,500 level, it’s very likely that we can continue to go much higher. At that point, I would anticipate a move to the 19,750 level, followed by the 20,000 level. This is of course a large, round, psychologically important number, and therefore I would expect some kind of reaction to it.

If we do pull back from here, the 19,100 level seems to be short-term support, but really at this point in time, I think you’ve got a market that is trying to figure out what we want to do for a bigger move. This has been a nice little pullback in the recovery, and at this point in time with Wall Street expecting so many interest rate cuts, I suspect that they will continue to go into this market, but I also recognize it would be a very noisy affair on the way back up.

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