NASDAQ 100 Price Forecast – NASDAQ 100 Continues to See Noise

NASDAQ 100 Technical Analysis

The NASDAQ 100 has been fairly quiet during the trading hours on Wednesday so far, as we are peddling back and forth to find some type of support. At this point, the 19,500 level underneath will be a major floor in the market and it looks that if we were to drop from here, we could see an area that value hunters will come back in. Above that we have the 20,000 level that I think is going to continue to be very crucial as well.

If we were to break above the 20,000 level, then the market could go higher, perhaps reaching the 20,350 level, and then after that more of a buy and hold situation. Keep in mind that the Federal Reserve cutting interest rates 50 basis points recently has had people running into stocks due to the idea of loose money.

That being said, also you could make an argument that perhaps the Federal Reserve might be a bit panicked and if this is the case, then that could eventually weigh upon the stock market. However, at this point in time, it looks very likely that short-term pullbacks will continue to be bought into as we are starting to see during the early hours on Wednesday and the rest of the week, I suspect, will be an exercise in trying to rally from here and recover the big nasty candlestick that we have seen previously this week.

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