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

NASDAQ 100 Technical Analysis

The NASDAQ 100 has been very Quiet and looks as if it is just hanging around the 19,500 level, an area that of course is going to be important as it has previously been both support and resistance. At this point in time, the market is just trying to sort out what to do next. If we were to bounce from here and go look into the upside, the 20,000 level is a significant amount of resistance. It also will cause a lot of headlines, and this in of itself could be a big driver of things.

If we were to break down below the 19,500 level, then it opens up a move down to the 19,000 level. This is a market that of course is going to be interested in the monetary policy of the Federal Reserve and right now it looks like we are going to be pricing in a lot of rapid cuts. That being said, it may be a little overdone. So, I think the market is taking a little bit of a breather and is going sideways to grind off some of the excess from the upside momentum.

In general, this is a market that I think continues to see a lot of uncertainty in the short term, so really, we need to see an impulsive candlestick in one direction or the other before we start following. If we can break that 20,000 level, that would be a very strong sign.

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