NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look Higher

NASDAQ 100 Technical Analysis

The NASDAQ 100 pressured the upside during the trading session on Tuesday. And here on Wednesday, it looks like we are going to continue to try to break out. Short-term pullbacks are more likely than not going to be buying opportunities. And with the CPI numbers coming out, we could get that pullback in order to find cheaper pricing at this point. I look at the 17,850 level as a major support level right along with the 50 day EMA short-term pullbacks continue to see a lot of interest from buying pressure. And I do think that’s probably the way to play this market.

On the other hand, if we can break above the 18,500 level, then you have the possibility of the market breaking out much higher in general. I think this is a scenario where you have a lot of people looking to get involved, but don’t necessarily want to pay for the higher prices. However, if inflation is starting to fall in the United States, that might be reason this market to take off to the upside and therefore you may be forced to buy at higher level. As things stand right now it’s obvious to me that this is a one-way market you are either long or you’re waiting for a pullback to get long. There’s just no way to be short of this market in this environment, as we have so much in the way of momentum propelling the NASDAQ 100 higher before it is all said and done.

For a look at all of today’s economic events, check out our economic calendar.