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

NASDAQ 100 Technical Analysis

The NASDAQ 100 continues to rally a bit and the early hours on Wednesday, as we attempt to find buyers on each and every dip to drive the NASDAQ 100 higher. Keep in mind that the early part of the week has been quiet from an economic announcement standpoint. So, at this point, I think you continue to see more upward pressure than anything else.

This will be especially true as the only thing on Wednesday is the FOMC meeting minutes and we already know that they cut rates by 50 basis points, so I doubt it’s going to have a major influence. To the upside, we have the 20,350 level offering a bit of resistance, and at the same time, a bit of a target for those who are very bullish of the stock markets at the moment.

Underneath, we have the 20,000 level that of course has captured quite a bit of attention as it is a large, round, psychologically significant figure, and an area that has been important multiple times. Underneath there, we have the 19,750 level, which I think is the swing low, and of course, the support for the short-term trend. Either way, there’s nothing on the chart that tells me I should be shorting this market anytime soon, so that’s exactly how I’m going to approach it. I am going to look for short-term pullbacks to start buying.

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