NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Buyers on Dips

NASDAQ 100 Technical Analysis

The NASDAQ 100 pulled back slightly in the early hours on Tuesday, only to turn around and shoot straight up in the air. At this point in time, the market has shown itself to be a bit more resilient than I think people thought after last Friday. But the question now is whether or not we are going to recover completely from those losses. If we can break above the 19,000 level, then obviously we have. And at that point in time, I think you would probably see quite a bit of follow through, perhaps a move to the 19,500 level.

Short term pullbacks continue to be something that a lot of traders look for buying opportunities as the Federal Reserve is likely to cut rates here in the next week and a half or so. That being said, it’s also worth noting that there are a lot of economic concerns out there, so there will continue to be quite a bit of volatility in this market.

If we were to break down below the $18,300 level, I think at that point in time we’ll visit the $18,000 level given enough time. At this point in time, this is a market that looks very likely to be very noisy, but I do think it favors the upside in the short term, if for no other reason than there is a severe lack of economic announcements that should directly impact this index this week.

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