Nasdaq 100 Forecast: Continues To See Struggles
Date
8/10/2023 4:33:38 AM
(MENAFN- Daily Forex) The nasdaq 100 initially tried to rally a bit during the session on Wednesday, but has turned around as we continue to see a lot of concerns out there when it comes to the technology sector. All things being equal, we are reaching near the 50-Day EMA indicator, so there is a certain amount of technical support happening. If we break down below there, then it's possible that the NASDAQ 100 drops down to the 14,600 level. Forex Brokers We Recommend in Your Region See full brokers list 1 ![brkr-logo]()
read full review get started Keep in mind that the NASDAQ 100 is driven by roughly 7 stocks, so if the bigger one starts to lose some momentum such as Apple and Amazon, then the NASDAQ 100 will continue to struggle. Furthermore, Nvidia is starting to show signs of trouble as well, so I do think that we are in the midst of a bigger correction. Whether or not we break down below the 14,600 level continues to be a completely different question, but it is something that you need to pay close attention to. If we were to turn around and show signs of life, we will need to recapture the 15,250 level to get bullish. If we break above there, then the market is likely to go looking toward the 15,500 level. We need to see some type of momentum to enter the market in order to get that going. I think at this point, the best thing that you probably have for the bulls will be some type of consolidation. However, it does look like they are coming for the“generals” at the moment, so that of course is going to be very negative.
Nvidia losing 4.54% midday in the United States is not a good start, and that of course we have Broadcom dropping 3.51%. In the top 10 companies that make up the NASDAQ 100 index, there is only one at midday that's positive, and its PepsiCo. This could be thought of as a potential safety play, but it must be noted that it is only up 11 basis points to whether or not it hangs on to strength remains to be seen. I think you need to let this market fall a bit, and then more importantly, stabilize and turn around if we start buying. If we break down below the 14,600 level, things could get rather ugly. Ready to trade the nasdaq ? We've made a list of the best cfd brokers worth trading with.
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