NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See a Barrier

NASDAQ 100 Technical Analysis

The NASDAQ 100 fell a bit during the course of the trading session on Tuesday, but there are plenty of areas underneath that I think buyers will almost certainly jump back in. Ultimately, I think somewhere around the 19,500 level, there is a significant floor, that of course is assuming that we even get down to that region.

The markets will continue to be very noisy and for me, it’s pretty obvious that the 20,000 level is a very difficult thing to overcome. For what it’s worth, Consumer Confidence numbers came out of the United States at 98.7 as opposed to the expected 103.9, so perhaps this is a little bit of a knee-jerk reaction to that.

But at the end of the day, we’re in an uptrend, and Wall Street will eventually forget about the economy and go back to the idea that the Federal Reserve is cutting rates. It’s all about getting Wall Street paid. It has nothing to do with the global or even the domestic economy.

That’s not what the stock market is, with the last 15 years or so been a measure of liquidity. Nothing more, nothing less. If the Federal Reserve is going to open the spigot, that is going to pump stocks higher. At this point, if we can turn around and break above the 20,000 level, then I think the NASDAQ 100 truly starts to take off.

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