NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Noisy Behavior

NASDAQ 100 Technical Analysis

The NASDAQ 100 did very little during the early hours on Wednesday as we continue to hang around the 18,850 level, which is an area that previously has been somewhat important. All things being equal. This is a market that I think continues to see a lot of questions asked of it because quite frankly, people are starting to worry about global demand. Nvidia, of course, just got hit with a potential lawsuit coming out of the Dept. of Justice for unfair practices. If this goes forward, it could have an effect on the overall index, as it seems everyone is invested in this company at the moment.

And of course, we also have concerns about China slowing down and putting that all together has people taking risk off. Now if that continues, we’ll have to wait and see. But it certainly doesn’t look good in the short term. A drop from here could open up and move down to the 18,400 level. On the other hand, if we turn around and rally from here, the 19,500 level above is a support level that should now turn into resistance now that we’re below it.

So, I think that makes a potential target on any rally. Nonetheless, this is a market that is very difficult to get aggressive in one way or the other. I do think we’re going to see a spike in volatility and therefore it’s probably best, quite honestly, to leave it alone, at least in the short term, until it stabilizes again.

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