NASDAQ 100 Forecast Today 23/01 (SIGNAL)

(MENAFN- Daily Forex)

• During my daily analysis of the NASDAQ 100, it's obvious that this market is very strong, and now it looks like we are reaching toward the crucial 22,000 level, which is a large, round, psychologically significant figure, and an area where we had seen a bit of a pushback. Furthermore, we had previously had a“descending wedge”, also known as a“falling wedge”, measuring for a move to roughly 22,100 above.

At this point in time, if short-term pullbacks come into the picture and push this market lower, I think it's likely that we will continue to see a lot of people jumping in. They will be hoping to take advantage of“cheap contracts”, as President Trump coming into the office has a lot of people thinking that we will be extraordinarily pro-business in the United States. Furthermore, it's worth noting that overnight the Americans announced that there is a major consortium made up of Oracle, Open AI, and Softbank to the tune of $500 million in the realm of artificial intelligence. They plan on building this up in the United States, and that obviously helps the NASDAQ 100 quite drastically Analysis

If we can break above the 22,100 level, then the market could go much higher, and I think that is eventually what will happen. However, the occasional short-term pullback is likely to be a buying opportunity, with the 21,500 level underneath offering support, and then after that we have the 50 Day EMA coming into the picture near the 21,250 level and rising, and therefore I think we've got a situation where plenty of value hunters will get involved.

The NASDAQ 100 has been in an uptrend for quite some time, and now it looks like we are finally seeing the so-called“animal spirits” coming back into the market, as we have seen a lot of noise and distractions in the early part of the year, and now it looks like traders are willing to get back to work.

Potential signal: I am a buyer of this market and have no interest in selling. I would either be a buyer at the 22,100 level with a stop loss at the 21,650 level, or I would be a buyer of the NASDAQ 100 near the 21,450 level, with a stop loss near the 21,000 level. As far as a target is concerned, I suspect 23,000 is where we are heading next.

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