NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Support

NASDAQ 100 Technical Analysis

The NASDAQ 100 has rallied a bit during the early hours on Tuesday as we continue to see a lot of noisy behavior, but at this point in time, the one thing that I think we are paying the most attention to is the 20,000 level. The 20,000 level, of course, is a large, round, psychologically significant figure and an area where we’ve seen some noise in the past. If we can break above there, then we have to pay close attention to the 20,500 level, which was the last swing high.

Short-term pullbacks, I believe, continue to attract a certain amount of attention, as most traders out there are focusing on the fact that looser monetary policy conditions are coming, and that is typically good for NASDAQ in general. The market looks very much like one that I think continues to be very noisy, but I think overall you have to look at the longer term trend and the longer term trend is most certainly to the upside.

The short term pullbacks I do think make a certain amount of sense and I would anticipate a lot of support near the 19,750 level and then again at the 19,500 level. Anything below 19,500 then I begin to worry about a deeper correction, but there’s literally nothing on this chart that suggests we would have that happen anytime soon.

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