NASDAQ Weekly Price Forecast – NASDAQ 100 Continues to See Support

NASDAQ 100 Technical Analysis

The NASDAQ 100 has gone back and forth during the course of the trading week as we continue to see a lot of noisy behavior. Ultimately, the market will continue to see a lot of buy on the dip behavior, mainly due to the fact that at this point, the stock market is Nvidia and a few other stocks. So as long as those rise you’ll see technology stocks rise. The Nasdaq 100 is not 100 stocks, it’s essentially five, maybe six. So it’s the same game. We are looking for value in a handful of stocks and it will lift the rest of the index with it. The internals for the stock market haven’t really been that strong as of late, but we go higher anyways.

So with this being the case, I think that the 17,850 level underneath is a major support level, just as the 19,000 level above is major resistance. Ultimately, I think this is going to be a very noisy move, but I think it continues to go higher. At this point, with the PCE numbers coming out a little bit lower than anticipated, it makes a certain amount of sense that we have seeing the NASDAQ 100 tried to take off to the upside, but we are also working off a little bit of froth from the last five weekly candlesticks. So it’ll be interesting to see how this plays out. One thing is for sure, you can’t short this market or any other stock market at the moment as this is all about the hope of cheap money coming out of the Federal Reserve.

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