NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look For The Floor

NASDAQ 100 Technical Analysis

The NASDAQ 100 has been a little bit negative in the earliest hours of Friday, but quite frankly this is a market that I think is ready to turn around a bit. And the 19,500 level underneath, I think, is a massive support barrier. If we were to break down below that level, that could kick off more bearish pressure. But right now, I think we’re more likely than not going to see the market attempt to stabilize itself.

Most of what we’ve seen in the NASDAQ 100 as of late has been rotation out of high-flying tech stocks and into smaller companies, the bulk of the Russell 2000 has seen quite a bit of interest and therefore money is being taken out of the highflyers. Whether or not that remains to be the course going forward, that’s a little bit hard to tell. I do think eventually value gets to be too much in order to ignore it.

So, I’m going to be watching the Friday session, and if we stabilize, then maybe next week into Monday we’ll be looking at a recovery. If we break down below 19,500, then we’re looking somewhere near the 19,000 level underneath. All things being equal, I do not short the NASDAQ 100 under any circumstances, it’s just not built to fall for a significant amount of time. With this, the market is likely to be very noisy, and as a result, the market is going to be noisy to say the least.

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