NASDAQ Weekly Price Forecast – NASDAQ 100 Continues to See Buying

NASDAQ 100 Technical Analysis

The NASDAQ 100 initially pulled back just a bit during the course of the trading week to dip below the $20,000 level, only to turn around and show signs of life. We have broken above the $20,000 level and it now looks as if we are going to threaten the 20,350 level. Breaking above that level then opens up the possibility of a bigger move.

Short-term pullbacks I think continue to offer value that a lot of people will be paying close attention to, and ultimately this is a market that has been bullish for a while. With the Federal Reserve cutting rates the way they have already and more likely than not will later, it’s likely that we will see this market continue to see value hunters on each and every dip.

All things being equal, I do think that we break above the recent high and continue to drive higher in the Nasdaq 100, but we might be in a little bit of a consolidative area right now as we are trying to bone up the necessary momentum to get things going.

If we were to break down below the 19,500 level, then it’s possible that this market could drop significantly, perhaps down to the 19,000 level, followed by the 18,500 level. As things stand right now though, I think this is a situation where value hunting continues to be the way forward, and there will be plenty of buyers on each and every dip.

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