NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look Bullish During Sideways Consolidation

NASDAQ 100 Technical Analysis

The NASDAQ 100 has pulled back just a touch during the early hours of Thursday as we continue to see the Nasdaq 100 find plenty of buyers on dips. Keep in mind that the CPI numbers coming out will come out during the session and that could have a major influence, but really at this point in time, if the Nasdaq 100 pulls back, there should be plenty of people willing to step in and buy it. The 20,000 level underneath, for me at least, is going to be the floor in the market. On the other hand, if we turn around and break above the 20,350 level, the market can go looking to the 20,500 level.

The question now is whether or not we are in the midst of forming some type of double top, but we’ll have to wait and see whether or not that actually ends up being the truth. All things being equal, this is a very volatile market, but it’s a very positive one as it is influenced by just a handful of stocks which really are the main driver of where we go next. This has been the case for quite some time in the Nasdaq 100 and I just don’t see that changing.

The Federal Reserve cutting interest rates of course has the market moving higher overall as well, and I think that’s also the game that we continue to play. I am bullish. The question is, will I be buying on a dip, or will I be buying the breakout?

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