NASDAQ 100 Monthly Forecast: September 2024 (Chart)
Date
9/2/2024 12:04:56 AM
(MENAFN- Daily Forex)
The NASDAQ 100 has seen quite a bit of volatility during the month of August, but quite frankly we have seen buyers come in and pick this market up off of a floor that was formed by the 50-Week EMA. At this point in time, it looks like any time this market falls there will be buyers willing to pick up scraps. It's probably worth noting that the NASDAQ 100 is all about cheap money, so without a doubt, the biggest influence on the NASDAQ 100 is going to be whether or not the federal Reserve starts cutting rates again.
Quite frankly, the Federal Reserve has been pushed into cutting rates by Wall Street, and now the question will become whether or not they can do so quick enough to make the gamblers on Wall Street happy. Remember, a lot of the reason the NASDAQ 100 will move is based on new technology, which means that it needs a lot of venture capital would get involved, and they tend to do more when interest rates are low because they can borrow cheaply.
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I do believe that this market will probably continue to see buyers because quite frankly, bad news just doesn't seem to affect the market anymore. This probably sets up for some type of 40% correction down the road, but I don't think we're there yet. Ultimately, the NASDAQ 100 is a miserable place to be once Wall Street search focusing on the financial issues around the world and the United States, but it's obvious that they are willing to door it right now. Remember, this is not a reflection of reality, as the stock market has nothing to do with the overall economy.
With that being said, as long as we can stay above the 18,000 level, I just don't see an argument for shorting this market. Even then, I probably would not be a short seller of this market and would just simply wait for it to bottom and start buying again. Remember, the index is not equal weighted, so it is not designed to fall. By the time we get through the month of September, it would not surprise me at all to who have hit another all-time high.
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