NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Recover From CPI Shock

NASDAQ 100 Forecast Video for 15-02-2024

NASDAQ 100 Technical Analysis

The NASDAQ 100 has been pretty noisy over the last couple of days as we continue to see plenty of volatility. With that being the case, I think you have to look at this through the prism of the 20 day EMA offering a bit of support. The 17,500 level of course, also offers support and then I think there’s massive support down at the 16,950 level, where we also have the 50 day EMA.

All things being equal, this is a buy on the dips type of situation, and you have to be very cautious with any type of jumping into the market right away with big positions as we are overextended and that could cause quite a bit of volatility and choppiness. That being said, it does look like we will eventually try to go looking toward the 18,000 level again and beyond. If that’s the case, then I expect to see even more money flowing into this index yet again.

As long as people believe that central banks around the world will be cutting in 2024, it’s very likely that the magnificent seven, the usual seven stocks that drive the NASDAQ 100, will continue to propel it higher. I have no interest in shorting the NASDAQ 100, it’s far too strong, but I do recognize that we desperately need some type of significant pullback.

It doesn’t look like we’re going to get it in the short term and it’s worth noting that even after the hot CPI print during the session on Tuesday, we have recovered almost everything that we lost after that initial sell-off. That shows me that the market is still very strong indeed. At this point in time, I think that money is just simply flying into passive investing, which of course means that all of the same stocks will continue to be bought into, which happened to be the biggest movers of the NASDAQ 100.

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