NASDAQ 100 Weekly Price Forecast – NASDAQ 100 Continues to See Buyers During The Past Week

NASDAQ 100 Technical Analysis

The NASDAQ 100 has rallied a bit during the trading week to reach well above the 19,500 level, but we are getting a little bit confused at the moment due to the fact that we have the Jackson Hole Symposium going on at the end of the week, and it will more likely than not produce a bit of volatility, especially due to the fact that Jerome Powell has a speech.

Now, where we go from here, we don’t really know, but ultimately you have a scenario where we are stretched. We did get sold off quite drastically and then it looks like we are trying to recover. While it seems like a lifetime ago, it was just a couple of weeks ago that we plunged much lower in a short-term panic.

Based on the candlestick, at least at the moment, it looks like we are going to struggle to continue to go higher. The 20,500 level of course is a major resistance bearer as it was previously a recent high. Now, that being said, I do think that the default attitude of Wall Street is to read good news into anything that’s said, but a short-term pullback is probably more likely than not going to be a buying opportunity. The 19,000 level, the 19,500 level, both could offer buying areas. I have no interest in shorting this market, as it is far too strong, and I believe that the overall market attitude is to buy the dips.

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