NASDAQ 100 Weekly Price Forecast – NASDAQ 100 Continues to Rally

NASDAQ 100 Technical Analysis

The NASDAQ 100 initially dipped a bit during the trading week only to turn around and show signs of strength again. A lot of this came down to the fact that we had the Federal Reserve interest rate decision, and that of course was a bit of a catalyst, at least in the short term, but we’ll have to wait and see whether or not we can take off to the upside.

It’s obvious that the 20,000 level is an area that is going to be followed by quite a few people due to the fact that it is a large round psychologically significant figure, an area where we have seen a lot of options barriers there, a lot of pushback, a lot of trouble, a lot of psychology. If we can break above there, then we could go looking toward the high again. And there’s nothing on this chart that suggests that won’t happen.

Short term pullbacks, I do think, have plenty of support near the 19,500 level. In general, the market is very bullish, and momentum is a bigger move as far as the markets are concerned, quite frankly, they just get ahead of themselves, and they run harder. With that being the case, I think FOMO trading is a very real thing, and it is most certainly a very real thing in the NASDAQ 100. So, with this, I would remain bullish at least until we break down below the 18,500 level and we are light years away from that at the moment.

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