NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Support

NASDAQ 100 Technical Analysis

The NASDAQ 100 has pulled back just a bit during the early hours in electronic trading, as we continue to keep an eye on the 20,000 level above the 20,000 level above is a large round psychologically significant figure and an area that I think a lot of people will be paying close attention to. If we were to fall above that level, then the market could go looking to the 21,000 level. And I think that does make a certain amount of sense over the long term.

After all, the Federal Reserve just cut interest rates by 50 basis points, and that in and of itself could keep the market somewhat lively. The question now is whether or not the Fed is going to continue to cut rates. And perhaps the bigger question is why? Why are they cutting rates? Because if they are cutting rates because of something that they see being potentially bad, that could have a detrimental effect on this market eventually.

I don’t think that’s the case in the short term, but I would keep a sharp eye on the 19,500 level underneath as a potential support level and the pullbacks as a potential buying opportunity. Ultimately, if we can break above the 20,000 level, then like I said, I think we could go to 21,000 eventually. It would be a little bit of a significant breakout, and I certainly think it would attract a lot of attention and perhaps even FOMO trading from there.

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