NASDAQ 100 Weekly Price Forecast – NASDAQ 100 Bounces Back For The Week

NASDAQ 100 Technical Analysis

The NASDAQ 100 initially plunged during the week but has seen a lot of momentum come back into the market to show signs of life after the non-farm payroll announcement was so much hotter than anticipated. Because of this, it looks like we are going to continue to pressure the upside, but whether or not we can continue to rally at this point remains to be seen.

I suspect we probably can, but I think it’s going to be very noisy on the way back up. The Nasdaq 100 of course likes the idea of loose monetary policy, which this jobs report suggests otherwise, but at the end of the day, it’s likely that the Federal Reserve will do what it can to inflate the stock market numbers. That’s its unofficial third mandate, and they clearly are willing to do that by cutting 50 basis points the last time. They will certainly cut again, and that will keep Wall Street happy.

At this point, short-term pullbacks probably offer buying opportunities at the 19,500 level, an area that I would be particularly interested in. And then after that, you would have the 18,500 level offering a bit of a floor. To the upside, if we can break the 20,500 level, I think that’s a sign that this market is going to continue to go much higher and perhaps try to get to the 21,000 level, which seemed like a stretch at the beginning of the year, but here we are.

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