NASDAQ 100 Price Forecast – NASDAQ 100 is Quiet in Early Morning Trading

NASDAQ 100 Technical Analysis

The Nasdaq 100 has been fairly quiet during the early part of the Monday trading session as we continue to see a lot of upward pressure overall but may have gotten a little overextended in the Friday session. That being said, Monday is likely to continue to see a lot of buy on the dip type of behavior as this market has been so thoroughly loved. The Nasdaq 100 of course is not necessarily 100 stocks. It’s basically five or maybe six at this point that drive everything due to the fact that it is not an equal weighted index. That being said, you need to pay attention to all of the big names that everybody is piling into and determine whether or not the index will be dragged up with it.

Underneath we have the 20-day EMA offering support near the 17,800 level. And then after that we have the 50-day EMA offering support near the 17,300 level. Regardless, I don’t think we get to the 50-day EMA at least very easily. Short-term pullbacks will continue to be opportunities to pick up the contract on the cheap. Simply looking “for a better price” is going to put you ahead of many other traders out there that seem content with simply chasing the trade and trend that is so overdone at the moment.

And I think that it’s probably only a matter of time before we go looking to the 18,500 level, maybe even the 19,000 level in the next few sessions. Do keep in mind though that Friday has the jobs number and that of course will have an influence on the amount of risk that traders are willing to take. Regardless, this is a market that clearly is in a very straightforward uptrend, so shorting the NASDAQ 100 is all but impossible at this point in time. It is almost impossible to fight manias, which it’s the territory that we are entering at the moment.

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