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NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Grind Back And Forth

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NASDAQ 100 Technical Analysis

You can see that the NASDAQ 100 drifted a little bit lower early during the trading session on Thursday as we continue to consolidate overall. Keep in mind that we’ll be waiting for the PPI numbers and as a result there could be a little bit of noise but in general this is a somewhat important area. The $17,775 level underneath continues to offer support but it’s also worth noting that the 50-day EMA caused a little bit of a bounce during the Wednesday sell-off. With all of that being said, I do think that there are plenty of buyers underneath that are willing to get involved and at this point in time it’s probably more about the idea of working off froth at the moment than it is anything else.

After all, we did go straight up in the air for quite some time, so to spend a month or two trading in a range makes a certain amount of sense. On the upside, we have the $18,500 level offering resistance, and I think at the moment that’s probably about as good as this market gets. Breaking above there would kick off the next leg higher though, so do keep that in mind.

In the short term, I think it’s a matter of going back and forth and I still remain somebody who’s interested in buying dips because quite frankly, this is far too strong of a market to try to short as it has been far too strong for far too long. This market is likely to be the first place people go running to when they want to start buying stocks again.

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

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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