NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look For Short-term Direction

NASDAQ 100 Technical Analysis

The NASDAQ 100 pulled back just a little bit during the early hours on Monday after initially trying to bounce. And at this point in time, I think we’ve got a situation where the 19,500 level underneath would be a major support level. And that has been resistance in the past. Above, we have the 20,000 level, which offers a bit of a barrier. And if we were to break above there, then I think we’d take off. That being said, we are still in a longer-term uptrend, but this doesn’t mean that we have to continue right away, or even at all in this market.

So, we’ve got a situation where it’s a 500 point range, I think that we are looking at. And with that being the case, then it’s very likely that we just go back and forth during the next couple of days as there really isn’t much into the market as far as economic indicators are concerned in the first couple of days. So, I expect we just drift a little bit. If we do break out of this 500 point range, it does open up about 250 points in either direction. So, if we broke down, we probably go looking to the 19,250 level. If we break higher, then you are more likely than not to see an attempt to get to the 20,250 level above. That being said, I think we’re trying to work off some excess froth from the previous move.

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