NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Chop

NASDAQ 100 Technical Analysis

The NASDAQ 100 continues to be very noisy and seemingly lost, but the one thing that has been constant is there’s been a lot of uncertainty, and in general, when there’s a lot of uncertainty, stock prices fall. The Nasdaq 100 has been consolidating most of the week, and as we start to open up the New York session on Thursday, we find ourselves right smack dab in the middle of the range for the week.

This suggests that we are either trying to do everything we can in order to form a base, or if we’re just winding up for another leg lower. It’s going to be very difficult to understand where risk appetite is going because quite frankly that’s what the Nasdaq 100 is all about. The Nasdaq 100 of course is technology driven and we’ve seen technology stocks get absolutely crushed as the risk appetite of traders around the world have all been evaporated.

In general, it looks like the 18,500 level above is going to be significant resistance, with the 17,400 level below being significant support. As things stand right now, it certainly looks like it’s going to take very little to get traders to start selling again. After all, there was a lot of technical damage done to the markets in the last few sessions. With this, the market is going to continue to be a place where you must keep your position size reasonable.

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