NASDAQ 100 Technical Analysis
The Nasdaq 100 has rallied rather significantly during the course of the week, as it looks like we continue to see a lot of bullish pressure. All things being equal, I like the idea of buying the Nasdaq 100 on dips, and I do think at this point in time we have decided that we’re going higher.
Ultimately, the 20,000 level could be your target, but we’ll have to wait and see. Underneath we have the 17,850 level as a major support level, but that is assuming that we can even get down there. The Nasdaq 100, of course, has been one of the leaders for a while. So, it’s not a huge surprise to see that this market is doing everything it can to turn things around and show signs of life after that dip. That’s been the way this market has behaved for what seemed like a lifetime, and therefore it’s difficult to be overly surprised by this, and quite frankly it just seems to be the way we will continue.
We’ve, in fact, made a new all-time high, and at this point in time, there isn’t a whole lot out there to shake the confidence of Wall Street. It seems, quite frankly, no matter what interest rate decisions, interest rate moves, geopolitics, earnings, it’s all going higher. And sometimes it doesn’t need to make sense. You just need to understand that momentum is one of the things that drives the market, and it is clearly in favor of the buyers. In general, I think we will just continue to see more of the same.
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.
