NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Buyers

NASDAQ 100 Technical Analysis

The NASDAQ 100 was somewhat quiet for in the early hours on Wednesday as we continue to build up pressure in an attempt, I believe at least, to break out to the upside and go much higher. If we can clear the 20,000 level, then I think it’s probably only a matter of time before we go much higher. And in that environment, really start to add to the position moving towards the 20,500 level.

Short-term pullbacks continue to offer buying opportunities from everything I can see and the 19,500 level underneath is an area that traders will look at as a potential major support level. The market is likely to remain very upward biased due to the fact that the lack of economic announcements really shouldn’t cause too many concerns.

At this point in time, most traders are focusing on liquidity, which means of course that stocks go higher. At least that’s the way it’s been for 15 years or so. And I just don’t see how that changes. The underlying economy doesn’t really matter. It’s a matter of whether or not more dollars get flooded into the system or aren’t, and at that point in time are forced into investments.

That being said, there is a possibility that we will see some kind of panic eventually, as the economy falling in strength could continue, and eventually make even Wall Street pay attention to it. At this point in time, we are seeing a weaker employment situation, and therefore it is probably coming down the road. That being said, this is something I don’t see happening at the moment.

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