NASDAQ 100 Weekly Price Forecast – NASDAQ 100 Has a Lackluster Week

NASDAQ 100 Technical Analysis

The NASDAQ 100 has fallen pretty hard during the course of the week as traders are starting to take a little bit of profit. There has been a major rotation in New York away from some of the high-flying technology stocks and into some of the smaller companies, as traders believe that the Federal Reserve cutting rates should supercharge a lot of smaller industries and corporations.

Whether or not that’s actually true remains to be seen, but regardless, the Nasdaq 100 ended up forming a massive shooting star for the week before, and therefore, it showed that it was over exhausted. If we were to break down below the 19,500 level, it’s possible that the NASDAQ 100 drops down to the 18,500 level.

On the upside, the 20,500 level is an area that probably causes a bit of resistance, but I think you’re in a situation where we’ll see whether or not we pull back a little deeper or if we, at least in the short term, continue to consolidate in what I think will be about a 1,000 point range. We are at the end of summer, but we are also heading into earning season, so that will continue to cause volatility. At this point, it’s a buy-only type of market, but you don’t necessarily want to pay the higher prices if you can get it a little bit lower.

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