NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Hesitation

NASDAQ 100 Technical Analysis

Tuesday might be somewhat quiet for the Nasdaq 100, and we are a little stretched. But more importantly, we are right ahead of the FOMC meeting on Wednesday. After all, the FOMC meeting and perhaps even the statement and press conference afterwards is going to be what people are going to pay close attention to.

If we do pull back from here, I think that the 17,000 level will end up being the floor in the market, as long as we can stay above there. Then I think you have to look at this as a buy on the dip. This is probably the way forward, although you will have to be very careful about position sizing right away, as the Federal Reserve meeting and announcements can often be dangerous places to be involved in.

If we do rally from here, then 18,500 or above is going to be a barrier and perhaps even a target. A lot of this just comes down to risk appetite that is being influenced by not only the Federal Reserve, but the fact that we are in the midst of earnings season. So do keep that in mind. But either way, this is an index that’s really difficult to short. Because of this, I remain a buy on the dip type of trader as the NASDAQ 100 has shown itself to be resilient overall, and the markets seemingly always find a way to ignore all bad news. Yes, this is a dangerous way to look at the market, but until we see different behavior, you have to assume that will be how things are.

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