NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Supporters

NASDAQ 100 Technical Analysis

The NASDAQ 100 drifted a little lower during the trading session early hours on Tuesday, only to turn around and show signs of life. All things being equal, this is a market that I think continues to see a lot of noise right around the 19,500 level. The 19,500 level is an area that has been important multiple times. So, it’s not a huge surprise to see that we are hanging around in this vicinity.

On the other hand, if we were to break above the 19,650 level, being broken to the upside goes looking to the 20,000 level. If we break down below the 19,300 level, then we could drop down to the 19,000 level. All things being equal, this is a market that I think continues to be somewhat choppy, but I also recognize that we have just pulled back and bounced a bit, showing just how choppy and noisy it can be in this market.

So, if we can get a little bit of upward momentum, breaking above the 19,650 level, then we could go looking to the 20,000 level rather quickly. Then you start to see more of a buy and hold attitude. Keep in mind, traders are celebrating the idea that the Federal Reserve is going to be cutting rates later this month. So, everybody’s getting excited and buying those risk assets, whether or not that stays intact as far as the narrative is concerned remains to be seen, but it does look like there are buyers underneath.

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