NASDAQ 100 Weekly Price Forecast – NASDAQ 100 Bounces During The Week

NASDAQ 100 Forecast Video for 12-02-2024

NASDAQ 100 Technical Analysis

The NASDAQ 100 initially fell during the week but has turned around to show signs of strength yet again. This is a market that is melting up, which is not a huge surprise considering that’s all that’s been done over the last six months. However, this is also a dangerous market and that’s because the internals don’t look that great.

That being said, it’s driven by seven, maybe six stocks at this point. And as long as all of the usual suspects continue to perform quite well, the Nasdaq 100 can do nothing but go higher. Underneath, I have the 16,950 level offering support, assuming we even get down there, I think 17,000 would also be. So short-term pullbacks should continue to be buying opportunities. I don’t have any interest in shorting this market, it’s just far too strong.

It’s overdone, but it’s been overdone for months. So I don’t know what changes the attitude of participants, but eventually this is one of those scenarios when traders decide to leave, everybody is going to go rushing to the exit door at the same time. So be cautious and make sure you have stop losses, but clearly you can only trade in one direction. Because of this, there’s no point in trying to fight what’s going on in this market, despite the fact that it certainly looks like it will end in tears given enough time.

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