NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Buyers

NASDAQ 100 Technical Analysis

The NASDAQ 100 continues to see a lot of buyers every time it pulls back and despite the fact that Thursday was very rough, it certainly looks as if Friday is going to bring in some value hunting. The 20,000 level of course is an area to which a lot of people would be paying close attention as it is a large, round, psychologically significant figure and an area that previously had been important. If the market were to rally from here, and it certainly looks like it could, the market is likely to go looking to the 20,350 level followed by the 21,000 level.

In general, I think this is a market that continues to see a lot of back and forth behavior based upon the latest Federal Reserve statements and rumors as the Federal Reserve cutting interest rates by 50 basis points last week really put a turbo charge into the idea of liquidity driven buying. Keep in mind that the NASDAQ 100 is highly sensitive to loose monetary policy, so it is definitely going to cheer that on.

If we do break down from here, the 19,500 level is more likely than not going to be even more significant support than the 20,000 level, so even on a breakdown, I’d be looking for signs of a bounce and a recovery of the uptrend, as well as any pick up in momentum.

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