NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Buyers

NASDAQ 100 Technical Analysis

The Nasdaq 100 has rallied a bit during the Friday session, as the jobs number came out slightly better than anticipated, but a lot of the revisions were much lower, and traders continue to try to sort out whether or not the Federal Reserve is going to end up cutting rates.

But at the same time, they also have to keep in mind that the market is likely going to be lacking liquidity. After all, we had the Independence Day holiday on Thursday and we had the jobs report on Friday, so a lot of traders just quit trading on Wednesday. If that is in fact the case, you can’t read too much into the reaction other than it goes with the overall trend to the upside.

So, it does make a certain amount of sense that we continue to grind higher. I think that short term pullbacks continue to be buying opportunities in the Nasdaq 100, especially considering that it’s essentially an ETF, as a handful of AI type stocks, like less than five, are actually driving most of the gains. As long as that’s going to be the case, I think you’ve got a situation where the Nasdaq 100 continues to see value hunting on each and every dip.

The 20,000 level underneath will, of course, be a significant area worth paying attention to, as it was previous resistance, and it should now be support based on market memory. Either way, I have no interest whatsoever in trying to short this market, and I do think that we continue to grind higher.

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