NASDAQ 100 Price Forecast – NASDAQ 100 Looks Ready to Pop Again

NASDAQ 100 Forecast Video for 08-02-2024

NASDAQ 100 Technical Analysis

The NASDAQ 100 did rally slightly heading into the cash session on Wednesday, as we continue to see a lot of upward pressure in general. Quite frankly, this is a market that is moving on the whims of a handful of stocks and of course the idea that the Federal Reserve is going to cut rates later has everybody excited.

Nonetheless, I do think we’ve got a scenario where we hit 18,000 sooner or later, and there’s just no two ways about it. I like the idea of buying dips so very time we get one I would have to get into the market and buy a little bit more, building up a bigger position. The 17,000 level underneath, I think is a major floor. 18,000 above is going to be a major ceiling. It’s a psychological barrier more than anything else because, quite frankly, we’re at all time highs. So there’s no reason for any type of market memory in that region.

The S&P 500 looks very much the same, and so does the Dow Jones 30. So I think this is a story that you could say about all US indices. The last couple of days have been somewhat sideways, but they haven’t exactly been negative. In this scenario, I would assume there are a lot of people wanting to get in, and the longer we sit like this – the more comfortable they will be doing so.

So what this tells me is that the market is just simply consolidating, looking for some excuse to go higher, which it will almost undoubtedly get one way or another with the Federal Reserve cutting rates in 2024. It does make a certain amount of sense that stocks go higher as that has been the sole driving force behind stocks over the last 14 years or so since all that mattered was whether or not the Fed was flooding the system of liquidity. That correlation doesn’t seem to be going anywhere as I look at this chart and of course money supply.

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