NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Supporters

NASDAQ 100 Technical Analysis

The 19,000 level seems to be a little bit of a magnet for price and as you can see, in the early hours on Wednesday, that’s exactly where we find ourselves. The market has been very noisy for a while and very explosive to the upside, but the question now will be whether or not CPI numbers in America allow for people to continue the narrative that the Federal Reserve is going to continue to cut and perhaps even aggressively cut. Remember, there’s already been people out there talking about 50 basis points, maybe even 75 basis points. So as per usual, Wall Street has gotten way ahead of itself.

Now, you have to understand, it’s just the way people talk up the market and make a bit more money themselves. It’s basically manipulating through the press. But the reality is, it does look like the Federal Reserve will cut in September, and that has helped elevate this market. If CPI numbers come out lighter than expected, that should send this market higher, perhaps reaching towards the 19,500 level where I see quite a bit more in the way of resistance.

If we turn around and break down below the 18,750 level, that could be a continuation of the downtrend, but we’ll just have to wait and see. I think the only thing you can count on at this point in time is going to be increased volatility. So as a trader, your job is to protect your account. In this type of environment, that means trade with smaller positions.

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