NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Test Ceiling

NASDAQ 100 Technical Analysis

The NASDAQ 100 has continued to pressure the 19,500 level, an area that has been resistance as well as support previously. So, it’s not a huge surprise to see that we are just hanging about right now. The market, of course, has some things to think about heading into the weekend, not the least of which would be overall risk appetite, which is obviously all over the place these days. But with the European Central Bank cutting rates yesterday, Friday now looks as if traders are trying to see whether or not there are aggressive cuts coming out of the Federal Reserve that sends the market higher.

If we do pull back from here, and that would not be a huge surprise considering the 19,500 level has been important, I suspect that somewhere around 19,250 we have a bit of support. If we break out to the upside, pay close attention to the 19,650 level as its next minor resistance barrier, but that opens up a move to the 20,000 level if we can get above there.

We are a little bit stretched, so some sideways action might be expected and would of course be healthy and what is otherwise a pretty strong uptrend for the entirety of the week. I do think we continue to see plenty of volatility and choppiness, and I just don’t think that will go away anytime soon. The next thing that I think could stabilize the markets and we’ll have to wait and see how that plays out might be the press conference after the FOMC interest rate decision on the 18th.

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