NASDAQ 100 Monthly Forecast: January 2024 (Chart)

2025-01-01 02:25:47

(MENAFN- Daily Forex)

The NASDAQ 100 has been somewhat lackluster during the month of December, which is a bit shocking considering that one of the most widely followed premises in the stock market is the so-called“tentacles rally.”
After all, it's likely that we will continue to see traders coming into the market in order to boost gains at the end of the year, especially those who have to show their clients some type of profit at the end of the year.
If they don't hold all of the right assets, they typically will jump in and buy them. These are all the usual suspects such as Apple, Nvidia, etc.

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Santa Claus never came this year, and that is a bit of an anomaly. It's not a 100% guarantee that the Santa Claus rally happens, but it is something that happens enough that people just assume that it will. The fact that we have not done suggests that perhaps the NASDAQ 100 is starting to struggle a bit, and perhaps we may see a little bit of a pullback for the month of January, but a lot of this is going to come down to what people feel as far as animals parents are concerned. After all, you need to keep in mind that the US economy is expected to do fairly well, and I do think that despite the fact that we have higher interest rates, traders typically believe that the direction of the US economy is still higher. In this environment, it's quite often that we will see technology stocks be one of the biggest winners, as the NASDAQ 100 is one of the main places to play that sector, and of course the fact that it is one of the biggest momentum plays.

If we do break down from here, I would anticipate that the 20,000 level should be rather significant support, and as long as we can stay above there, then I think it's probably a“buy on the dip” market overall, but I do expect January to perhaps be somewhat noisy at points. I certainly would not get short of this market.

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