NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look Positive Despite Holiday

NASDAQ 100 Technical Analysis

The NASDAQ 100 was very quiet in electronic trading of course on Monday as it was Memorial Day in the United States. That being said, this is a market that I think continues to see a lot of noisy behavior, but I see plenty of support levels underneath that could come into the picture. The first one of course is where we had bounced from recently, and if we were to break down below there, then we could go down to the 18,300 level. If we turn around and rally from here, we could go looking to the 19,000 level. The 19,000 level, of course, is a large round psychologically significant figure that a lot of people will be paying attention to.

However, I do think looking at the longer term charts that the 20,000 level is actually the target. That doesn’t mean we get there overnight. And of course, we will have the occasional pullback like we have just seen, but buyers should jump in and try to take advantage of it. In fact, it’s really not until we break down below the 17,850 level that I would be concerned about the overall uptrend.

Ultimately, the NASDAQ 100 is an indicator of overall risk appetite, so you need to keep that in mind as well. As long as we can see plenty of risk taking out there, then the NASDAQ 100 should continue to perform very well, and I remain more or less as a buy on the dip type of situation.

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