NASDAQ 100 Forecast – NASDAQ 100 Continues to See 19.500 as Important

NASDAQ 100 Technical Analysis

The NASDAQ 100 fell a bit during the early hours on Monday. As we are starting to see some questions as of the 19,500 level. This is an area of course that has been important multiple times in the past, so it’s not a huge surprise to see a little bit of a pullback. That being said, I don’t expect much, mainly because we have the Federal Reserve interest rate decision on Wednesday, and while almost everybody believes that it will be a 25 basis point interest rate cut, the reality is nobody really knows what the FMOC press conference is going to be like. And that is probably your next huge mover of stocks. Don’t worry, somehow Wall Street will find it positive, no matter what he says, they will put a spin on it. That’s generally what they do for a living.

So, the next couple of days could be volatile and we could very well get a bit of a pullback, but I suspect that before it’s all said and done, by the end of the week, we turn things right back around. When you look at last week, we gained somewhere in the neighborhood of about 1300 points. So, giving back a couple hundred before turning around and continuing the uptrend would just be normal bullish behavior with a little bit of profit taking at a resistance zone. I suspect that’s probably what we are looking at over the next couple of days.

For a look at all of today’s economic events, check out our economic calendar.