NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look Supported

NASDAQ 100 Technical Analysis

The NASDAQ 100 initially fell again during the early hours on Thursday but has since turned around quite a bit as we headed into New York. It does make a certain amount of sense that perhaps we recover because, quite frankly, we had gotten so oversold.

Whether or not this lasts remains to be seen, but we are in the midst of earning season and Wall Street will find a way, one way or the other, to have more money coming into the market. The NASDAQ 100, of course, has suffered at the hands of a major rotation into other stocks, especially the Russell 2000 index.

So, with that being the case, I think now people are going to look at some of this AI trade as perhaps value. I did see a story yesterday where they said the AI trade may have finally blown up. That’s almost a good sign that we’re going to turn around and rally again. So, with that being said, I do think that traders are going to start to stick their toes in the water, maybe not in huge positions, but just to see if we continue to go higher.

This could kick off a short covering rally which of course could kick this market much higher. Regardless, I don’t have any interest in shorting this market, and it’s really not until we break down below the 19,500 level that I would look at this as a market that was in serious trouble.

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