Start Trading Now Get Started
Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

NASDAQ 100 Forecast: Continued Bullishness - 1 August 2019

By Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

The NASDAQ 100 fell rather hard during the trading session on Wednesday, slicing through the 7900 level. This is a market that has been very bullish, but at this point I still was a bit concerned about whether or not we would test the previous gap. We did in fact do so during the trading session on Wednesday after the Federal Reserve interest rate statement, so now I think we can get back to business. While it is a negative candle stick, the reality is that I am more interested in the NASDAQ 100 now that I had been previously.

The 7750 level of course is supportive because of the 50 day EMA and the gap, but at this point I think what we are looking at is the opportunity to go long. The NASDAQ 100 has been very bullish and I think that should continue to be the case. The 8000 level above is a major resistance barrier, and I think we will try to work our way back towards that region. Granted, the Federal Reserve wasn’t nearly dovish enough to get Wall Street excited, but it wasn’t exactly hawkish either. They didn’t necessarily guarantee further rate cuts, but they did suggest they were possible. The stock market of course wanted some type of guarantee of extraordinarily cheap money, and I do think that it will get it but it didn’t get the guarantee that it wanted.

That being said, we may see a little bit of weakness in the short term, but I do believe that we bounce from the 7750 level yet again. At that point, then we should go to the 8000 handle, perhaps even try to break above there. If we can break above that level, then the NASDAQ 100 is free to go much higher. I have no interest in shorting this market, at least not until we get a close well below the 50 day EMA, and even then I would be a bit cautious. To me it looks like the stock markets are ready to go higher, as the Federal Reserve had to essentially “thread the needle” to keep things somewhat under control, and it should be noted that a lot of the selling was probably due to algorithmic trading and black box systems rather than the sentiment of the market. The next couple of days will of course be crucial, but I still believe that there are plenty of buyers out there willing to take this market out and up to higher levels.

Nasdaq

Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

Most Visited Forex Broker Reviews