After a rough 2022, the Nasdaq 100 roared back in 2023, climbing from around 11,000 points to near its 2021 peak of 16,764 by December. Technical indicators like the Alligator and 200-day SMA confirmed this strong upward trend.

As of December 13th, 2023, the index hovered near 16,354 points, close to both the 2021 high and a key resistance level. A test of this level seems likely. Success could send the Nasdaq even higher, possibly setting a new all-time record. However, if it fails to break through, a dip to the nearest support at 15,932 points or the channel’s lower line could occur.

Looking Ahead: 2024 Nasdaq Predictions

Experts vary in their 2024 forecasts:

• LeoProphet: Sees a year-end dip to 15,012 points.
• Wallet Investor: Predicts a rise to 16,387 points by December.
• Economy Forecast Agency: Expects falling global inflation to lead to lower interest rates and a surge to a record 27,101 points by year-end.

Driving Growth: The Tech Powerhouse

Several factors could fuel further growth:

• AI Adoption: Increased use of AI could boost tech companies’ performance and stock prices.
• Blockchain Revolution: Incorporating blockchain could open up new funding opportunities and streamline operations for tech companies.
• Innovation Frenzy: Investors remain excited about tech companies’ cutting-edge solutions, potentially propelling the index.

Word on the Street: Optimism with a Cautionary Note

Most experts project continued growth in 2024, possibly pushing the Nasdaq to new heights. However, concerns about a potential US economic slowdown due to high interest rates and worsening global conditions add a layer of uncertainty.