NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look Choppy

NASDAQ 100 Technical Analysis

The NASDAQ 100 has been slightly positive in the early hours on Friday, but it does look like we are trying to grind our way back to the upside. I continue to look at this area right around the 18,500 level as an area that is more likely than not going to be important. And if we can get some type of burst above here then I think we could go higher perhaps reaching towards the 19,000 level.

On the other hand, if we turn around and break down below the 18,250 level then we could get a significant pullback to the 17,800 level. In general, this is a market that I think continues to be very noisy and of course, we’ll pay close attention to interest rates and comment coming out of the Fed.

Furthermore, you also have to keep an eye on the overall risk appetite. People are getting excited for the possibility of the Federal Reserve cutting rates, but that doesn’t necessarily mean that they’re going to do them quickly enough. Furthermore, a lot of times once the Fed starts cutting rates and if they do so aggressively, that means they’ve missed something.

They’re behind the curve and that could cause a little bit of heaviness in this market as well. That being said, nothing goes in one direction forever. So, a relief rally, although very positive, won’t necessarily change the overall fear factor that we have out there.

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