NASDAQ 100: Forecast: September 2023

Stocks

Summary:

The NASDAQ 100 is a closely watched risk appetite index for September. After all, September is a little different than many other months, as trading volume turns back to rise as the general public rises...

SELL USNDAQ100

EXP

EXPIRED

15698.00

Entry Price

15095.50

15820.50

25315.30 +93.75 +0.37%

Pips

EXPIRED

15095.50

15276.55

Exit Price

15698.00

Entry Price

15820.50

The first of the month is nonfarm payrolls release date, which suggests you might not be reading too much at the beginning of the month. Also, next Monday will be Labor Day in the US, so we won't be back in business until midweek. At this point, it will be interesting to see how things play out, but it is clear that the market as a whole is trending up.

Remember that the NASDAQ 100 is a major metric when it comes to "making money on growth" because there are a handful of stocks that seem to drive them all.

Whether or not we return to the "AI story" will have a lot to do with what happens here, but overall market sentiment looks very positive from a technical analysis perspective. After all, it looks like on the weekly chart we are forming a bullish flag, and therefore I think the signal of whether we continue to move higher would be a close. daily above 15,900.

If we attempt to break this zone then the 16,000 level will obviously pose a bit of resistance, but will open the door to a much higher market, providing an opportunity to hold on to what might happen in the next few days. next month.

Technical Analysis

If we pull back, 14,600 could be an area attracting a lot of support, followed by 13,750 where the 50-week EMA comes into play and I believe this is the "bottom of the overall uptrend". As long as we manage to sustain above this level, the market will likely continue to attract buyers. However, if we see the market break below this level it could lead to a much deeper correction. The question is whether the rhetoric will hold through to the end of the year, as it seems everyone is excited about the possibility that the Federal Reserve will slow the pace of monetary tightening, which also has money. Look for flagship stocks like this one. make up most of the movement here.

Trading Recommendations

Trading Direction: SHORT

ENTRY PRICE : 15698.0

STOP LOSS : 15820.5

TAKE PROFIT : 15095.5

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