NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Support

NASDAQ 100 Technical Analysis

The NASDAQ 100 has rallied a little bit during the early overnight hours on Tuesday, as it looks like we are doing everything we can to form some kind of bottoming pattern. In this environment, I’d be paying close attention to the 19,250 level, because if the NASDAQ-100 can climb above there, then it’s very possible we may pick up 250 points to reach the 19,500 level. It’ll be interesting to see how we behave over the next day or so, because we have central banks on tap.

The Federal Reserve, in fact, is expected to make an interest rate decision, although I think that’s probably going to be more closely followed after the fact during the press conference to see where we are going. Regardless, the NASDAQ 100 has underperformed other indices over the last couple of weeks and at this point the rotation continues. People are rotating out of a handful of stocks and looking to get involved into the broader market and that does hurt the NASDAQ 100 a bit.

Nonetheless, I do think that eventually we recover, and if you are patient and perhaps small enough in your position, you should eventually find yourselves taking advantage of what could be a nice pullback and recovery play. This has been the way the market has acted for months, and although it has been a bit rough over the last two weeks or so, the trend still remains intact, at least for now. Until we see something change drastically, this is a market that still looks bullish, but shaky.

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