NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Support Despite Selloff

NASDAQ 100 Technical Analysis

The NASDAQ 100 rallied a bit during the early hours on Friday, as it looks like we are going to try to recover in the weekend. The market has seen a lot of destruction over the last couple of weeks, but we are bouncing from a critical place where we had seen plenty of support previously. Because of this, I think it makes a lot of sense to perhaps start to think that the uptrend may continue.

Despite the fact that this massive sell-off has occurred and there does seem to be a rotation in stocks, the reality is it’s still just a blip on the radar when you look at the longer term charts. With that being said, I do think value hunters are coming in. And I also think that as we head into the weekend, part of what you’re seeing could possibly be short covering, either way, prices are rising, and at the end of the day, this is what truly matters.

After all, nobody wants to be short of the stock market throughout the weekend. That’s a really dangerous position to be in. So, with that, I think you’ve got a situation where we could squeeze higher, perhaps trying to get to the 19,500 level, we will have to just wait and see. But ultimately, this is a market that I think just got oversold, and a little bit of a bounce makes a lot of sense. If it can sustain the upwards pressure, this could be a great entry.

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