QQQ

NASDAQ Price Forecast – The NASDAQ 100 Recovers Early on Monday

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NASDAQ 100 Technical Analysis

You can see that the NASDAQ 100 has rallied a bit to kick off the week on Monday as perhaps fears of a greater war in the Middle East have subsided a bit. With that being said, it looks like we’re just heading back into the consolidation. I don’t necessarily know that the market suddenly takes off because of this. I think it has more to do with the idea that there’s at least one major concern taken off the table, at least for the time being, with that being the case, the 50 day EMA underneath continues to offer support right along with the 17,775 level above.

We have the 18,500 level that offers significant resistance so we’re more or less just banging around in this area. With earnings season currently going on it does make a certain amount of sense that we would consolidate and of course, we have to work off some of the froth from the big move higher. Regardless, this is not a market you’ll be selling anytime soon, even if it does pull back.

So, I like the idea of jumping in and picking up bits and pieces of value on short-term pullbacks. I think that continues to get you paid in this market. If we were to break above 18,500, that would obviously be a very bullish sign, perhaps opening up the path to 20,000 given enough time. Well, the market did make a pretty big move here for months. So a little bit of sideways action, especially considering that we’re getting somewhat close to summer, might not be completely unexpected.

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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