NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Recover

NASDAQ 100 Technical Analysis

The NASDAQ 100 has pulled back slightly in the very beginning of the Tuesday session only to turn around and show signs of life. I do think that given enough time, the market is eventually going to try to break to the upside and that makes sense, as we’re in a longer term uptrend anyway. So, it would just be a continuation of what we had seen previously. With that being said, I think this is a market that given enough time, will probably go looking to the highs again, near the 20,800 level, but that doesn’t mean that it’s going to be easy, nor does it mean that it’s going to happen quickly.

With that being the case, I am a buyer. I do believe that the 19,500 level underneath is a major support level. And if it were to get broken to the downside, that could change a lot of things. However, as the market stands right now, it doesn’t really look like it’s ready to collapse and any momentum to the upside whatsoever could break the backs of a lot of short selling. We could get a short seller squeeze and therefore you could see a lot of FOMO jump into this market and push it to the upside.

Either way, it’s not a market that I want to chase to the downside. And besides, the NASDAQ 100 really isn’t built to fall over the longer term. And that’s something that a lot of people forge, it’s not an equal weighted index. If it were, it would be a completely different discussion altogether, but it’s built to go higher over the longer term. So, you’re essentially looking for buying opportunities anytime you look at the chart.

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