The Dow Jones (DJIA) and the S&P 500 (SPX) saw significantly lesser declines, as both indexes fell from their respective record highs.
Negotiations between Democrats and Republicans over a fiscal stimulus bill came to an impasse over a business liability shield and state and local government aid. Investors were quick to use this development as an opportunity to reduce their exposure in the sector, which was built on stimulus hopes at the start of the month.
This came with the backdrop of rapidly growing COVID-19 cases in the US, which hit a heart-wrenching death toll of 299,751 at press time as total infection exceeded 16 million. California reported a spike in Covid-related ICU admissions and surging hospitalization after the Thanksgiving holiday, making stricter lockdown restrictions a possibility.
The US FDA met with experts on Thursday to discuss the recommendation of a wider distribution of Pfizer’s (NYSE: PFE) vaccine after approving the vaccine for emergency-use on Tuesday. Furthermore, Canada has become the latest major economy to greenlight Pfizer’s vaccine for use.
In other news, market sentiment is on the cautious side, as the US dollar (DXY)—a safe-haven currency—rebounded from a 29-month low. The VIX volatility index is now at 24.09, after an overnight surge on Thursday.
Nasdaq 100 (NDX) Value Forecast — December 11
NDX Major Bias: Bearish
Supply Levels: 12439, 12550, and 12651.
Demand Levels: 12350, 12300, and 12220.
The NDX has extended its channel range after recording a sharp decline to the 12200 area on Wednesday. The decline was effectively supported by the 12220 demand zone, where the index facilitated a bounce.
However, the NDX is currently struggling to break back above the 12439 resistance line, and we could see a fresh decline to the 12300 region, where our channel base rests.
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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