NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look at Same Level

NASDAQ 100 Technical Analysis

The NASDAQ 100 was very choppy in the early hours on Monday as we are trying to sort out what we are going to do this week. That being said, it does look like there’s at least some support underneath, and as we’re hanging around the 19,500 level, the first thing that I notice is that it is an area that’s been important multiple times. If we were to break above the 19,650 level, the market could go looking to the 20,000 level. Any breakdown at this point in time should see a significant amount of support, I suspect, but we have some things later in the week that could really get the market moving.

We have the PMI numbers coming out of America, but more importantly than anything else, we have a Jerome Powell speech at the Jackson Hole Symposium. This is a market that’s betting on the Federal Reserve coming in and easing, and that does tend to help technology stocks, so that should help the NASDAQ 100, but we’ll have to wait and see. So that is something to keep in the back of your mind, but at the same time, the question is, will the economy fall apart because there are some cracks out there?

So, I think you are going to continue to see a lot of volatility, but in the short term, it’s probably more likely than not that dips will continue to be bought into. However, if we were to break down below the 18,750 level, then that could send this market plunging. But obviously we would need some type of fundamental reason to make that happen.

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