NASDAQ 100 Monthly Forecast: July 2024 (Chart)
Date
6/30/2024 2:35:35 PM
(MENAFN- Daily Forex)
NASDAQ 100 traders have been all over the place during the last couple weeks, but the overall attitude has been very bullish. I think that probably continues to be the same overall situation, and I do think that is probably only a matter of time before the NASDAQ 100 probably goes toward the 20000 level. Short-term pullbacks at this point in time continue to be buying opportunities, and I think a lot of people have to look at this market through that prism.
The NASDAQ 100 index of course is driven by just a couple of stocks, as the markets continue to see a lot of money flying into stocks like Nvidia, Microsoft, Apple, etc. As long as those stocks are doing okay, then the reality is a situation where the market can't drop for any significant amount of time. Underneath, the 18,500 level is an area that has been previous resistance, and with that being said, the market does pay close attention to that in the form of“market memory.” That being said, I don't necessarily know that we get anywhere near there, because quite frankly this is a market that has been extraordinarily bullish for some time, and even if we were to drop down there, I think it would offer a lot of value the people are willing to take advantage of.
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Wall Street is continuing to look at the stock market through the prism of the Federal Reserve eventually coming in saving everyone, and I think that will continue to be the way we behave here. With this, I like the idea of buying dips and taking advantage of them as they occur, but ultimately if we can break above the weekly candlestick from the highs of June, this is a market that could quite frankly take off and more of an impulsive move. Regardless, we are so overly bullish that even if we pull back, I think you have to be looking for value any time you get the opportunity. There's literally no way to short this market, as it is far too bullish and I think at this point in time even though we are overextended, it doesn't really matter.
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