Stocks found some support after a worse-than-expected first-time jobless claim report and as investors waited on developments in the stalemate between lawmakers over the next round of stimulus packages.
The Nasdaq 100 (NDX) was yesterday’s biggest winner after it gained 1.27% (141 points) while the Nasdaq Composite grew by 1% (109 points). Meanwhile, the Dow Jones Industrial Average (DJIA) jumped by 0.68%, according to preliminary figures, while the S&P 500 (SPX) grew by 0.64%.
In other news, some investors are worried that Nasdaq, dominated by tech giants, is now far ahead of rational methods of measuring its value, including price to earnings ratio (P/Es). It is worth mentioning that the Nasdaq Composite has grown by more than 60% since its record low in March.
The Nasdaq 100 traded in record territory, as many large tech companies recorded massive gains. Microsoft Corp. (Nasdaq: MSFT) grew by 1.6%, Tesla Inc. (Nasdaq: TSLA) by 0.30%, Facebook Inc. (Nasdaq: FB) by 6.49%, Apple Inc. (Nasdaq: AAPL) by 3.49%, Amazon.com Inc. (Nasdaq: AMZN), Netflix Inc.(Nasdaq: NFLX) by 1.38%, and Google (Nasdaq: GOOGL) by 1.74%).
These companies have remained resilient through the uncertainty presented by the Coronavirus pandemic despite other stocks and economies crashing.
Nasdaq 100 (NDX) Value Forecast — August 7
NDX Major Bias: Bullish
Supply Levels: 11307, 11420, and 11600.
Demand Levels: 11068,10895, and 10600.
The NDX has defeated several resistance levels and has now recorded a new all-time high. It remains well in our ascending channel and we are expecting to see it reach the 11,600 area (the top of our channel) in the short-term. However, the NFP report is just around the corner and will be a major determinant in the next move of the NDX.
A better-than-expected release could send the price down to the 10,895 level again in the near-term, while a worse-than-expected report will send it immediately to the 11,300 resistance, before easing through to the 11,600 area.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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