NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Upward Momentum

NASDAQ 100 Technical Analysis

The NASDAQ 100 rallied a bit during the early hours on Tuesday as we are trying to escape the magnetism of the 19,500 level. The $19,700 level above has been short-term resistance a couple of weeks ago, and it looks like we are trying to get above there at this point. In general, this is a market that I think continues to be very noisy, and that is typical for the Nasdaq 100.

However, it’s probably worth noting that the FOMC interest rate decision on Wednesday will have a major influence on what happens next, and it looks like traders are trying to push the markets higher heading into that announcement, which is pretty common, actually.

They are getting excited about the possibility of the Federal Reserve cutting rates and perhaps even signaling many more rate cuts, and if that’s the case, then NASDAQ 100 should do fairly well. The short-term pullback should be a potential situation where you could find value hunters, especially near the 19,350 level, an area that has offered plenty of support in the past.

In general, this is a market that had a very strong week last week, and this week is just now turning things around and getting back to break even. I do believe that the uptrend should continue given enough time at least for the time being, and therefore it wouldn’t surprise me at all to see this market try to go looking towards the 20,000 level over the next four or five sessions.

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