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Tuesday, February 06, 2024 1:01:46 PM
Nasdaq 100 Price Forecast – Nasdaq 100 Continues to Look For Momentum to Upside
By: Christopher Lewis | February 6, 2024
• The NASDAQ 100 has been bullish for some time but at this juncture I think we have to look at this through the prism of buying on the dips.
NASDAQ 100 Technical Analysis
It looks like the NASDAQ 100 is pretty stagnant in early hours on Tuesday, which makes a certain amount of sense considering we are at the very top of a major move. The market recently has stalled out for the last couple of days, but with a lack of economic announcements, certainly makes quite a bit of sense that we’re just hanging out.
We are essentially trying to work off some of the excess froth and that does make sense considering just how strong the move had been previously underneath. We should see plenty of support near the 17,000 level, which is basically the bottom of that massive candlestick from last week underneath there. We then have the 50 day EMA that comes into the picture offering support, so keep that in mind as well.
But nonetheless, I think we’re probably more likely to go looking towards the 18,000 level above, which of course is a big round figure and it will attract a certain amount of attention regardless. So ultimately, I think the way you have to look at the NASDAQ 100 is to simply buy on the dips looking for signs of value every time they appear. With that, I am bullish, but I also recognize this is a market that you probably have to be somewhat patient with because it doesn’t have any real reason to go crazy at the moment. Ultimately, we have a situation where I believe we will eventually, perhaps get a little bit of momentum, but right now it’s just in a period of consolidation and just simply hanging around trying to find the next reason to go higher.
Keep in mind that there are only about seven stocks that move the entire thing. So again, it is like playing an ETF and you must always remember that. The market isn’t equally weighted, so you must be able to recognize that the market will behave as such.
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By: Christopher Lewis | February 6, 2024
• The NASDAQ 100 has been bullish for some time but at this juncture I think we have to look at this through the prism of buying on the dips.
NASDAQ 100 Technical Analysis
It looks like the NASDAQ 100 is pretty stagnant in early hours on Tuesday, which makes a certain amount of sense considering we are at the very top of a major move. The market recently has stalled out for the last couple of days, but with a lack of economic announcements, certainly makes quite a bit of sense that we’re just hanging out.
We are essentially trying to work off some of the excess froth and that does make sense considering just how strong the move had been previously underneath. We should see plenty of support near the 17,000 level, which is basically the bottom of that massive candlestick from last week underneath there. We then have the 50 day EMA that comes into the picture offering support, so keep that in mind as well.
But nonetheless, I think we’re probably more likely to go looking towards the 18,000 level above, which of course is a big round figure and it will attract a certain amount of attention regardless. So ultimately, I think the way you have to look at the NASDAQ 100 is to simply buy on the dips looking for signs of value every time they appear. With that, I am bullish, but I also recognize this is a market that you probably have to be somewhat patient with because it doesn’t have any real reason to go crazy at the moment. Ultimately, we have a situation where I believe we will eventually, perhaps get a little bit of momentum, but right now it’s just in a period of consolidation and just simply hanging around trying to find the next reason to go higher.
Keep in mind that there are only about seven stocks that move the entire thing. So again, it is like playing an ETF and you must always remember that. The market isn’t equally weighted, so you must be able to recognize that the market will behave as such.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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