NASDAQ Weekly Price Forecast – NASDAQ 100 Continues to Rise Over The Long Term

NASDAQ 100 Technical Analysis

The NASDAQ 100 has had a strong week as we continue to power to the upside. In fact, it looks like we are trying to get to the recent all-time highs, and I really don’t see anything on the chart that suspects that there is any real reason to think it won’t happen. With that being said, short-term pullbacks will continue to be buying opportunities with the 17,850 level offering a short-term floor. If we break down below there, then we have the 17,000 level offering the big hard floor in the market.

And it is possible that perhaps we have to consolidate a bit, but all things being equal, this is a market that already consolidated quite a bit during the previous week as we plunged only to turn around and show signs of strength again. The Nasdaq 100 of course is very interest rate sensitive, so you need to pay close attention to the treasury markets in America. But at this point in time, it looks like Wall Street is going to do whatever it can to push stocks higher regardless.

Remember, the NASDAQ 100 really should be something like the NASDAQ 5 because it’s not equal weighted and it’s ridiculous how top heavy it is. But the good part of that is you only have to pay attention to all the main companies that everybody else does. It has become an ETF essentially. This acronym or name for these companies changes every couple of months, it might be the Magnificent 7, it might be Fang, it might be whatever next, but it’s all essentially the same nonsense. So as long as those are doing well, the NASDAQ 100 is doing well.

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