Nasdaq 100 Price Forecast: Technology Stocks Extend to New Heights With Earnings Ahead Nasdaq 100 Price Forecast: Nasdaq 100 Forecast: Nasdaq 100 Forecast: Nasdaq 100 Forecast: Nasdaq 100 Forecast: Nasdaq 100 Forecast: Nasdaq 100 After the reflation trade was put on hold due to falling Treasury yields, the Nasdaq 100 has resumed its position as the leader among US indices. As a result, the Nasdaq 100, which is heavily weighted in technology, has surged to record highs in consecutive sessions with relative ease, as broader risk appetite remains favorable. However, weeks of advances have left the index stretched as it approaches a potential overhead resistance zone established from the September high. 4 Hour Time Frame Nasdaq 100 Price Chart (September 2020 – July 2021) While the level is now just a trendline projection, there are few barriers to the topside, making it a noteworthy area to observe if the Nasdaq 100 continues northward. If the Nasdaq continues to rise, given the lack of risk aversion, bulls may try to use previous barrier as support moving forward in the case of a brief consolidation. The rising trendline drawn off the May 19 swing low is most likely the most noteworthy nearby support. Since its introduction, the level has coincided with multiple intraday lows, implying that it has aided in guiding the Nasdaq 100 higher. As a result, if the level is breached, losses might accelerate toward secondary support, which is derived from the index’s February 2021 high. With that in mind, it appears that there are few scheduled event risks that would justify such an action. To be sure, earnings season begins next week, with the largest domestic banks leading the way, but the most prominent technology stocks’ results are still weeks away. Without a significant movement in mood or the fundamental landscape, the path of least resistance appears to be to the upside at this time, despite the risk-reward profile of long exposure being less than optimal in my opinion. Meanwhile, for updates and commentary, follow @PeterHanksFX on Twitter. — DailyFX.com Strategist Peter Hanks wrote this article. Peter can be reached via Twitter at @PeterHanksFX./n
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