NASDAQ Weekly Price Forecast – NASDAQ 100 Continues to See Volatility

NASDAQ 100 Technical Analysis

The Nasdaq 100 fell during the course of the week to reach towards the 17,000 level. The 17,000 level is an area that a lot of people will be paying close attention to, as it is a large round figure.

And of course we have seen a big bounce from there. A lot of what we are seeing is just simply fears of interest rates staying high for longer, and therefore it works against most high growth technology stocks. That being said, we had a major escalation. At least we thought we did in the Middle East conflict on Thursday night going into Friday morning, when Israel hit Iran.

However, they have since assessed the damage. And it turned out it was more or less just a show of force than anything else. And we’ve recovered over 400 points. With that being the case, I do think that we are getting closer to the end of the pullback than we were before. But keep in mind it’s also earnings season.

So, there is going to be a lot of volatility. If we break down below 17,000 then I think we go looking towards 16,200 which is roughly where the 50 week EMA is. On the other hand, if we can stay above 17,000 that would be a very strong sign and it could send this market towards the 18,500 level above, which was the recent high.

I still have an upward bias and I think this pullback has been healthy. We dropped as much as 8% or so from top to bottom. And really at this point, once you get closer to 10%, a lot of traders will come in and dip their toes in the water. And that might be what we’re seeing.

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