NASDAQ 100 Price Forecast – NASDAQ 100 Continues to Move on Momentum

NASDAQ 100 Technical Analysis

The NASDAQ 100 was very quiet during the early hours on Monday, as we continue to hang around the 19,700 level. Ultimately, this is a market that I think continues to see a lot of strength and short-term pullbacks are more likely than not going to end up being buying opportunities. The 19,500 level underneath, I believe, is now a short-term floor. Whether or not it holds for the longer term probably remains a completely different question altogether, but I do think there’s something to a bit of a reaction.

All things being equal, if we break down below there, then we have 50 day EMA and then the 19,000 level. To the upside, the 19,800 level is an area that could have a little bit of resistance, but I do think given enough time, we are going to go looking to the 20,000 level. Keep in mind that the NASDAQ 100, of course, is driven by just a handful of stocks.

So, with that being the case, I think you have plenty of people out there willing to pick up cheap contracts, as it were, every time we pull back and therefore, that’s how I trade the market. It’s a momentum driven market and the momentum, although maybe somewhat quiet in the early hours of Monday, is still most certainly with the market over the longer term. At this point, I just think that we are waiting for the buyers to come back into the market and start pressing things to the upside.

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