NASDAQ 100 Weekly Price Forecast – NASDAQ 100 Continues to Shoot Higher

NASDAQ 100 Technical Analysis

The NASDAQ 100 had a strong week as we broke above the 20,000 level and it looks like we are ready to attempt to break out to the upside. Even if we do pull back from here, I think there are plenty of buyers underneath that should be willing to get involved in this market. The 19,500 level is likely going to be an area that I think a lot of people will pay close attention to. But even if we break down below there, then the 18,500 becomes even more supported. The 18,500 level for me is a massive support level based upon the previous resistance barrier that we had seen.

All things being equal, this is a market that I think continues to be very noisy, and I think it continues to go higher. With the Federal Reserve cutting interest rates 50 basis points during the previous week, we have seen a continuation of the overall flood into technology stocks, but we haven’t broken out quite yet. Given enough time though, I do think that happens, but we may have to digest some of the recent gains from the shot higher.

Dips at this point in time should continue to attract plenty of attention. And I think that’s essentially how you are trading the market, looking for value and taking advantage of it as we plod along in a very bullish market, but also a very noisy one.

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