NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Selling Pressure

NASDAQ 100 Technical Analysis

The NASDAQ 100 has been rather negative for the most part during the last several weeks and we tried to recover yesterday at one point and then gave up those gains. So, the Friday session is very interesting due to the fact that the jobs number came out at an addition of 114,000 jobs from the last month instead of 175,000 as thought. Because of this, the market has sold off. It’s trying to recover. I think at this point, there’s going to be an argument of whether or not the Federal Reserve is going to come and bail everybody out with massive amounts of cuts.

That might help technology stocks. We’ll have to wait and see, but at this point in time, I think you have to look at every rally as a potential barrier to short. The first signs of exhaustion, I think, will be what people are looking for. If we break down from here, then the 18,000 level could be targeted. And quite frankly, it looks like everybody is running for the hills and running from danger and anything risk related. With that being the case, the NASDAQ 100, of course, will continue to see a lot of pressure to the downside.

And it should continue to see this market unravel. However, if the narrative of cheap money comes back into the picture, we could see things turn around. But keep in mind that NASDAQ 100 is basically driven by a couple of different stocks more than anything else. So, with this, unless the big guys come back, this is a market that I think you have to look at, at least through the prism of falling in the short term. We have fallen towards a major support level, but that doesn’t mean anything, as you can see in the past.

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