NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look For Momentum

NASDAQ 100 Technical Analysis

The NASDAQ 100 rallied quite nicely in the early hours on Wednesday as we are doing everything we can to attempt to break back out to the upside. The 19,250 level is an area that a lot of people will be paying close attention to, as it has been resistance over the last several days. Breaking that level, of course, would have people looking for technology stocks to really start to take off to the upside, and it could open up a 250-point move. That would put the NASDAQ 100 at the 19,500 level, an area that previously had been support on what you could say on the four-hour chart as a massive head and shoulders. That will set up a big fight.

On the other hand, if we fall from here, it’s likely that we will see a consolidation between current levels and 18,600. The Federal Reserve meets later in the day. That obviously will have a major influence on stocks anyway. So, I think at this point in time, we’re just kind of holding our breath and waiting to see what the Fed has to say. If they sound dovish, that should, at least in theory, send the NASDAQ 100 higher. This is when traders start to go out on the risk spectrum and look for high growth stocks. The growth situation needs to see a lot of cheap money, so it all becomes interconnected.

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