NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Look For The Floor on Thursday

NASDAQ 100 Technical Analysis

The NASDAQ 100 has been fairly quiet in the early hours on Thursday as we continue to look for some type of floor in this market. That being said, I think if we do break down below the level decisively that is, then we could go down to the 19,500 level where we’ve seen quite a bit of action in both directions in the past. A bounce at that point would make a certain amount of sense because quite frankly, there’s nothing to bring the market down. It’s just more or less a situation where we are trying to get used to the idea of breaking above 20,000, which of course is the next resistance barrier.

We have sliced through that level a couple of times. So, it’s not as if it would be that big of a stretch if we went ahead and did that. The loose monetary policy in the United States should continue to help propel technology stocks. And that of course is exactly what we are looking at here, an index of technology stocks. All of that being said, if we were to break down below the 19,350 level, then we start to threaten a little bit deeper correction and could drop all the way down to the 18,500 level.

However, when you look at the longer term charts, it’s clear that there is a significant amount of buying pressure and any pullback at this point in time would more likely than not just offer value that traders will try to take advantage of. I have no interest in trying to short this market at the moment.

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