NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Supportive Action

NASDAQ 100 Technical Analysis

The NASDAQ 100 has gone back and forth. They’re the totality of the week so far. And on Wednesday, we find ourselves hanging around the 19,500 level heading into the FOMC meeting, decision, and statement, as well as the subsequent press conference.

All of this is going to be very influential on what happens to the NASDAQ 100 next with the idea of cheap monetary policy and lots of liquidity driving the stocks higher. Short-term pullbacks show plenty of support near the 19,250 level, but even if we were to break down below there, I think there are plenty of support levels underneath that you need to pay attention to, such as the 19,000 level.

On the upside, if we can break above the 19,700 level, it’s likely that the market could go looking to the 20,000 level. The 20,000 level, of course, has a major amount of psychology attached to it, as it is a large round psychologically significant figure and an area that we had pulled back from previously.

Regardless, we are in an uptrend, and I do think Vang continues to be the most important thing, and Wall Street will probably do everything it can to find something very bullish about the interest rate cut coming, unless of course there are signs of panic from the Federal Reserve, and that means all bets are off, as we could see a lot of selling in all things risk related. However, there is no signs of this quite yet.

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