Quite frankly, the market is in desperate need of a pullback, so don’t be surprised at all to see a slightly negative month of July.

  • The NASDAQ 100 rallied quite significantly during the month of June and therefore it looks like we are testing a major breakout.
  • It is worth paying attention to the 15,250 level as it is an area that has provided significant resistance recently and has historically been important.
  • That being said, you should pay close attention to the fact that the market can get ahead of itself.

brokers - we recommend Forex brokers we recommend in your region

See the full list of brokers see-full-broker

We’ve gone somewhat parabolic, but it’s also worth noting that there are only about 7 stocks that make up about 30% of the total value of the NASDAQ 100. Because of this, you need to be aware of what’s going on with Tesla, Adobe, etc.

At this point, it seems everyone is running with the “AI” story. That’s one thing Wall Street is really good at, coming up with a new story to sell stocks to people. Remember, this is their job, so you need to be aware of the possibility that we are in a bubble. In fact, we’ve been in a big bubble for several years now and we’ve seen it burst in various assets. Currently, the NASDAQ 100 is still doing quite well. However, the market seems to want to jump into one asset followed by another, leaving the original in thought. Think bitcoinor maybe other recent stories like all things blockchain.

The 14,600 level should be supportive below it, but if we break below it, we could move to the 13,750 level. The 13,750 level is an area that has been important in the past, and it is probably worth noting that 50 week EMA it also sits right around the 13,000 level. Because of this, I expect to see a lot of traders in that region. Anything below that would obviously be devastating for the NASDAQ 100, but I don’t see that happening anytime soon. Quite frankly, the market is in desperate need of a pullback, so don’t be surprised at all to see a slightly negative month of July. However, if we clear the 15,250 level, then we will almost certainly see a market target of the 16,000 level next. I expect significant volatility, but given the current situation, you have to look at the download as potential value.

NASDAQ 100 chart

Ready to do business with us NASDAQ 100 Monthly Forecast? Here are best CFD brokers choose from

Source Link