NASDAQ 100 Forecast: Continues to See Upwards Pressure

• The NASDAQ 100 rallied on Wednesday again, as momentum continues to be a major influence in this market.
• This is a market that continues to look to break to an all-time high, as the markets try to find some type of reason to get bullish yet again, and it looks beyond is here: Wall Street can find a reason under almost any circumstance.

During the trading session on Wednesday, retail sales came in flat, as opposed to the expected 4/10 of a percent, and Wall Street is now celebrating that bad news as a potential reason for liquidity to come back into the market via the Federal Reserve whether or not that actually ends up being the case remains to be seen, but right now it looks like everybody’s willing to celebrate and buy stocks as a result.

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Technical Analysis

The technical analysis on this market is obviously very bullish, as we are miles above the 50-Day EMA. In fact, the 50-Day EMA currently resigns and the 17,850 region, an area that in and of itself should be somewhat supportive anyway with this being the case, I like the idea of buying dips going forward, and this of course assumes that we even get one. We are dangerously close to breaking out to an all-time high again, which probably sends more “FOMO trading” into the index as traders chase.

We are starting to see a lot of the same games again, which is most obvious in Gamestop, but quite frankly the stock market is starting to become “gamed” again. This isn’t necessarily something that you can do anything about, so at this point you’re just simply looking to take advantage of the upward trajectory. Yes, these moves and attitudes almost always end in tears, but right now it looks like the buyers most certainly have the upper hand when it comes to trading the stock market, and quite frankly that’s not a huge surprise considering just how people have been behaving. I think you remain “buy on the dip” going forward as the NASDAQ 100 continues to look very strong.

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