NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Buyers After Cut

NASDAQ 100 Technical Analysis

The NASDAQ 100 initially dipped a bit during the trading session on. Friday, but it looks as if we are going to try to break out to the upside and go looking toward the 20,000 level again, the 20,000 level of course is a barrier that a lot of people will be paying attention to. And with that being the case, I think you have to look at this through the prism of whether or not we have enough momentum to finally break above that level.

Probably, but I don’t know if we will have it right away. Short-term pullbacks continue to be of interest, and I think the 19,500 level is an area of extreme support. Keep in mind though, that the Federal Reserve cutting interest rates by 50 basis points could be a sign of panic, and we’ll see how long it takes for people to start to question that. We saw the initial reaction to the interest rate cut as being strong and then being swatted back down, but now we’re off to the races again.

History shows us that if the market suddenly loses its nerve due to this, it doesn’t happen right away. A lot of times, it’ll happen a week or two later, so we have to be on guard. In the short term though, it certainly looks as if the buyers are in control, so keep that in mind. And if we break above the 20,000 level, that’s a sign that we are more likely than I going to continue going higher.

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