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

NASDAQ 100 Technical Analysis

The Nasdaq 100 has rallied a bit in the early hours of Wednesday, as we continue to see a lot of people out there trying to sort out what the market is going to do when it comes to the idea of interest rates and whether or not the Federal Reserve can engineer a soft landing. I think at this point in time, the NASDAQ 100 does have a little bit of an upward bias, but it also has a lot of noise near the 19,000 level that it’s going to have to deal with.

If we can break above that, then the market could very well go looking to the 19,500 level. The 19,500 level is an area that a lot of people will be paying attention to as well. On short-term pullbacks, the 18,500 level is a significant support level, as it previously had been resistant and has shown itself to have some interest around it over the last, say, three or four sessions ago. I do think we get a lot of noise, but with both CPI and PPI coming out this week, eventually we may get a little bit of clarity, but make sure to pay attention to all of those levels.

The NASDAQ 100 will continue to see a lot of choppiness from what I can see, but at the end of the day it is often thought of as a risk barometer, meaning that it will rise in good moods, and fall when fear takes over the market as a whole.

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