NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Negative Pressures at Support

NASDAQ 100 Technical Analysis

The NASDAQ 100 pulled back just a little bit in the early hours on Thursday, but quite frankly, it looks like we are trying to do everything we can to turn around and start rallying. I think at this point in time, you probably have a scenario where the market is clearly oversold. And I do think that a bounce is probably coming. If we can break above the 19,200 level, I believe that the market could go looking to the 19,500 level rather quickly.

If we can break above there, then the 19,800 level comes into focus. On the other hand, if we break down below the 18,850 level, then the market probably continues to fall apart. At this point though, everything seems a little overdone. The short-term panic that we have seen almost certainly will have some short covering, and eventually that could turn things around by itself. There was an overreaction of course, to the PMI numbers during the session on Wednesday and the three and a half percent drop in one session of course is the worst number that we’ve put up, at least this year if not the last two years.

So, with all of that being said, I do think we get a little bit of a snap back here, but it’s not necessarily something that you want to be the first person to buy the NASDAQ 100 as it is extremely volatile at this point in time.

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