NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look Bullish

NASDAQ 100 Technical Analysis

The NASDAQ 100 has risen slightly during the early hours on Monday as we continue to see a lot of noisy behavior in general. That being said, it certainly looks like the market is trying to break above the crucial 20,350 level, which could open up a move all the way to 20,750 level. Short-term pullbacks should offer plenty of value from what I can see. And at this point in time, I think a lot of people will be more than willing to get involved and pick up cheap contracts as it dips.

Now, with all of that being said, you should also keep in mind that most of what we are seeing is the market behaving in reaction to the Federal Reserve and the idea of interest rate cuts. The Federal Reserve is expected to cut rates and really at this point in time, I think that continues to have people thinking about liquidity. Liquidity is the life’s blood of the stock market anymore, and it most certainly is from the NASDAQ as it tends to be a little riskier.

Traders, of course, will keep an eye on whether or not we can go further out into the risk spectrum and then therefore into higher alpha generating technology stocks. If we were to break down below the 20,000 level, then you need to look at the 19,800 level as potential support followed by the 19,500 level. Anything below the 19,500 level would signify a pretty significant turnaround.

And I think at that point in time, you would be entering a corrective phase. I don’t see that happening on the chart. And in fact, you could make an argument that we are just now starting to break out of a massive W pattern. It’s a little messy, but it is there if you squint. So, I do think that every time we pull back, we’ll continue to see buyers step in.

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