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NASDAQ 100 Forecast: NASDAQ 100 Continues to Rocket Higher

Pullbacks at this point in time has to be looked at through the prism of a potential value play and you would be remiss to think that you have an opportunity to sell this market because quite frankly, it's just ripping straight in the air.

  • The NASDAQ 100 rallied early during the trading session on Thursday again, as we continue to see a huge push higher.
  • Ultimately, I think this is a market that will try to find its way to the 18,000 level, but we may have a little bit of work to do before we get there.
  • Short-term pullbacks at this point in time will continue to look like buying opportunities from everything I see on the charts, and therefore I do think that you have a scenario where people are going to be looking at this through the prism of trying to find value.

We are in the midst of earnings season, and of course that has its say, and despite the fact that Tesla's earnings were somewhat miserable, it appears that traders are willing to look past that and continue to pump this market higher.

The NASDAQ 100 has been on fire for some time and quite frankly, I don't really see what is going to stop it at this point. We do have a bit of support near the 16,950 level, which I think being previous resistance is now your short-term floor. The 20-day exponential moving average is right there as well, so that obviously comes into the picture also. All things being equal, I just don’t see what will turn this market around which of course makes me nervous, but at the end of the day it appears that the only thing that matters is monetary policy.

NASDAQ 100 Forecast Today - 26/01: NASDAQ Rockets Higher (Chart)

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    Pullbacks

    Pullbacks at this point in time has to be looked at through the prism of a potential value play and you would be remiss to think that you have an opportunity to sell this market because quite frankly, it's just ripping straight in the air. Eventually this is going to end and once it does, it will end poorly. But right now, that doesn't seem to be the case and if interest rates start dropping again, which they have been early during the trading session, that will only add more fuel to the fire. Remember, it only takes about seven stocks doing well to push the NASDAQ 100 higher, and that might be part of what we're seeing here as well, because it's all about the same usual suspects, the Tesla, the Amazon, Microsoft, Nvidia, et cetera, et cetera.

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    Christopher Lewis
    About Christopher Lewis

    Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.

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