NASDAQ 100 Weekly Price Forecast – NASDAQ 100 Continues to Find Buyers on Dips

NASDAQ 100 Technical Analysis

The Nasdaq 100 had a rather negative week initially, but it continues to find buyers on every dip. So with that being said, it’s very unlikely to see any significant sell off stick. And therefore, I think you continue to see buyers come in and just take advantage of any hint of value that they can get. Keep in mind that this is a market that continues to be very volatile and bullish, and therefore you have to have more or less a longer-term outlook. Also, Jerome Powell stating this week that the Federal Reserve was going to end up cutting rates continues to fuel that trade, so everything continues to see a lot of the same overall momentum.

Ultimately, this is a market that over the longer term probably goes looking to the 18,500 level, maybe even as high as 20,000 if you give it enough time. The 18,000 level seems to be a bit of a floor in the market and therefore I think if we can stay above there, then you’re probably in good standing. I like buying dips, I have no interest in shorting this market. It quite frankly is just too out of control bullish to fight at this point. I understand that the market is overstretched, but quite frankly, it just seems like we don’t have any real shot at turning things around anytime soon, but keep in mind that when markets get like this, the pullbacks can be quite brutal so make sure you protect yourself with stop losses and reasonable trading position sizes.

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