NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look Upwards in Drift Lower

NASDAQ 100 Technical Analysis

You can see that we did pull back a little bit to kick off the week, but quite frankly, there’s not a lot of news out there to move the markets from an economic announcement standpoint. So, we may spend some time grinding away sideways and quite frankly, that would not be the worst thing for those of you who are bullish. After all, a market can’t go straight up in the air forever.

Quite frankly, you really don’t want it to because, eventually the momentum runs out and you fall apart. So, with that being the case, I’m paying very close attention to the NASDAQ 100 for any signs of a pullback that I can take advantage of. The 17,775 level underneath is the floor right now. And the 50-day EMA racing towards that level, of course, is something that adds even more credence to that region despite the fact that just looking at support resistance alone, you can see that it has been important.

The NASDAQ 100 will be moving on the latest guessing on what the FED is going to do, but right now we don’t have a whole lot on the calendar, at least not until Friday that would be influential on the Federal Reserve, so with that being the case, this is a scenario where we may just meander a bit. We’ll have to see. There’s always something that can come out but clearly the trend is higher, so you should be looking at buying on dips more than anything else. If we can break above the shooting star from the Thursday session, that’s obviously a bullish sign, and it could open up a move all the way to the 19,000 level, given enough time.

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