NASDAQ 100 Technical Analysis

The NASDAQ 100 has rallied during most of the week, which is not a huge surprise considering that the Federal Reserve has come and gone, and they reiterated their desire to cut interest rates this year at least twice, probably three times. So, with that being the case, Wall Street, of course, celebrates cheap money and the NASDAQ 100 has shown just how bullish they’ve become. If we can break above the top of this candlestick for the week, I do think we will go much higher, perhaps reaching the 19,000 level before it’s all said and done.

The 17,775 level is an area that I think offers support based on the daily chart and the recent consolidation that we’ve seen for the last four weeks. In general, this is an uptrend. You do not want to be fighting it, so there’s not a lot to do other than to buy dips on short-term charts. Longer-term traders are simply in a buy and hold mode. And I think that still serves you well if you choose not to monitor the markets very closely, all things being equal, everything looks like it’s positive and while we will eventually see a significant pullback, there’s nothing on the chart that suggests it’s coming in the short term.