That said, the NDX is not out of reach from the impacts of risk aversion, as the upcoming FOMC meeting on Wednesday could open the doors for fresh declines if the Fed fails to maintain its dovish stance. However, considering that several Fed policymakers have alluded that more has to be done on the fiscal side, a hawkish Fed stance seems very unlikely at this point. That said, yesterday’s increase in volatility should not be overlooked.
In other news, the number of coronavirus-related deaths in the US crossed an alarming 300,000 on Monday as the epicenter of the virus initiated its first vaccine inoculation on citizens.
In its final meeting for the year starting later today, the Fed is expected to keep its rates unchanged (near zero) and leave it unchanged for several years to come.
Nasdaq 100 (NDX) Value Forecast — December 15
NDX Major Bias: Bullish
Supply Levels: 12600, 12650, and 12700.
Demand Levels: 12462, 12300, and 12220.
Based on the hourly chart above, the tech-heavy index has been trading within a tight range between 12550 and 12462 since the beginning of the week. At press time, the index has broken above this range and has to maintain above this level in the coming hours to confirm a bullish bias.
That said, Nasdaq 100 is trading within an ascending channel and the next bullish target is the 12800 level (top of the channel). A bearish move at this point seems very unlikely given the surrounding fundamental factors.
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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