NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Show Volatility

NASDAQ 100 Technical Analysis

The NASDAQ 100 fell pretty significantly in the early hours on Wednesday as we continue to see a lot of noisy behavior. That being said, the market is still very much in an uptrend, and you do have to look at it through that prism. This week so far has been negative followed by positive and now it looks like we are trying to sort out where we are going to go for the latter half of the week.

Between now and Friday, I would anticipate more of a drift and lost market, unless of course, interest rates do something rather interesting. The core PCE numbers come out late in the week. So that is an indicator that the Federal Reserve pays close attention to. So that should have a knock on effect between the Nasdaq 100, the S&P 500, etc.

But right now, this is a market that I don’t have any interest in shorting, and I do recognize that over the longer term, it is more bullish than bearish, even though we get these occasional pullbacks. I like the idea of looking at the 19,500 level as major support. If we were to break down below there, then you could go look into the 19,200 level.

To the upside, the 20,000 level of course is a large round psychologically significant figure in an area that has offered a significant amount of resistance previously. With that being said, if we can clear the 20,000 level, then it would be a very bullish sign to say the least. I think dips continue to offer buying opportunities and we very well could see that again during the session on Wednesday, Thursday or even Friday.

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