NASDAQ 100 Forecast Today - 16/02: Bullish (Video & Chart)
Date
2/18/2024 1:21:23 AM
(MENAFN- Daily Forex)
The Nasdaq 100 was quiet during the early hours on Thursday as we continue to search for some type of a longer term direction. All things being equal, I think a short term pullback is going to end up being a buying opportunity as the 20 day EMA underneath offers quite a bit of support. That's assuming that we can even get to that area as this market is so strong these days.
If we were to break down below there, then the 50 day EMA is hanging around the 16,950 level, an area that previously had been significant resistance. All things being equal, this is a market that continues to grind higher. And I think every time the NASDAQ 100 pulls back, you have to look at this through the prism of some type of value play.A Potential Target Above
The 18,000 level above continues to be targeted. And I think it's probably only a matter of time before we not only reach 18,000 but break above there. And in fact, I think at this point we're really starting to entertain the idea of 20,000. Keep in mind, the Nasdaq 100 is an ETF .
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It's not actually an index anymore because 40% of its driven by about six or seven stocks. As long as that's the case, there's just no way that this market will fall. If companies like Microsoft, Nvidia, Apple, et cetera all rally. Tesla has kind of given up some of its gains, but really, at this point in time, the other ones are picking up the slack.
So, with all of that being said, I like the idea of buying dips as they occur. I think that's just kind of the rinse and repeat cycle that the market is in at the moment. Everybody is focusing on the idea that the Federal Reserve will be cutting rates later this year.
And that's the only thing they want to hear. Weaker than anticipated retail sales numbers earlier in the session might give Wall Street a reason to start buying again. It's hard to tell. A lot of this comes down to monetary policy more than anything else. And in fact, you can say that's exactly what the stock market has become, is just a counterargument to monetary policy.
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