NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Bounce Around 20,000

NASDAQ 100 Technical Analysis

The NASDAQ 100 has gone back and forth during the course of the early hours on Tuesday as we continue to just hang around the 20,000 area. The 20,000 area of course is an area that a lot of people will be paying attention to due to the fact that it is a large, round, psychologically significant figure and an area that has caused some issues in the past couple of weeks anyway. This is a market that is simply going back and forth as we try to sort things out.

The market is likely to continue the overall uptrend regardless because quite frankly, everybody is focusing on the Federal Reserve and the fact that it’s willing to throw money at any problem or specifically speaking, it’s willing to loosen monetary conditions. In that environment, Wall Street celebrates and buys assets regardless of what’s going on in the economy until of course, the economy affects Manhattan itself.

Until that happens, expect Wall Street to be blind as to what’s going on in the real world, and therefore they will continue to buy stocks. That drives money into indices like the NASDAQ 100, which of course is made up of technology stocks and generally speaking is a much more speculative play than other indices in the United States. Short-term pullbacks at this point I do think continue to see support right around the $19,800 level, but then again at the $19,500 level. In general, I don’t have any interest in shorting this market.

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