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The Nasdaq 100 (NDX) gained 0.61% after rising by 71.01 points to close around 11626.17. The Nasdaq Composite (^IXIC) also gained about 0.6% yesterday and made a record high. The Dow Jones (DJIA) grew by 1.35% and the S&P 500 (SPX) wasn’t far off with a gain of +1%.
Also, AstraZeneca (NASDAQ: AZN) share price was boosted to about 2% on the back of the news that US regulators were considering speeding-up the drug manufacturer’s Coronavirus vaccine. The drugmaker has denied having any private discussions with the Trump administration before this development.
Meanwhile, on Friday, Apple Inc (NASDAQ: APPL) provided a huge boost to the Nasdaq 100 and the S&P 500 (which the indexes might still be reeling from) after its share price closed above $500 just a few days after it became the first public US company to reach a $2 trillion market value. Apple stock gained 1.2% yesterday.
Moving on, market participants will be looking forward to Fed Chair Jerome Powell’s comments in Kansas City Fed Jackson Hole Symposium set to hold later in the week in a virtual format.
Nasdaq 100 (NDX) Value Forecast — August 25
NDX Major Bias: Bullish
Supply Levels: 11650, 11890, and 12000.
Demand Levels: 11400, 11307, and 11160.
The index remains strongly within our 4-month ascending channel and appears to likely remain so in the coming months. Yesterday’s rally saw the NDX print a new all-time high around 11728 after a decent bull-run. However, a slight retrace was seen as the restrictive attributes of 11650 resistance came into play.
If the NDX fails to take the resistance in the near-term, we could see a further correction to the 11400 resistance (21 SMA), which could facilitate a strong bounce for the index.
The next target for the Nasdaq 100 is the 11890.
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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