Nasdaq 100 Price Analysis — February 5

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Futures tracking the Nasdaq 100 (NDX) and the S&P 500 (SPX) saw record-high figures on Friday, as risk asset investors expect goodish jobs report to confirm that the worst of the labor market crisis is over, alongside additional economic stimulus.

The Labor Department is likely to report that the US economy grew by 50k jobs in January, following a 140k loss in December. The goodish pick up in job numbers in January was likely triggered by the easing of lockdown restrictions across the US.

However, a goodish jobs report still does not eliminate the need for additional government fiscal aid, as long-term unemployment prospects still seem gloomy.

President Joe Biden’s proposed $1.9 trillion stimulus bill got fast-tracked earlier today, as the US Senate approved a budget plan that included the passage of the bill in the coming weeks.

The tech-heavy index is set to record its best week yet since the US elections in November, as upbeat earnings and economic data increased optimism over a speedy economic recovery. Meanwhile, last week’s retail trading frenzy appears to be fading, triggering an 80% drop in GameStop (GME) stock.

Better-than-expected corporate earnings reports so far in the fourth quarter have bolstered speculators’ expectations for the market risk mood in the coming days and weeks.

Nasdaq 100 (NDX) Value Forecast — February 5

NDX Major Bias: Bullish

Supply Levels: 13650, 13700, and 13750.

Demand Levels: 13500, 13450, and 13400.

The Nasdaq 100 is on an aggressive bullish rally, with the index having broken the crucial 13600 resistance over the past few hours (pre-market data). That said, we expect this current rally to take the NDX to the 13650 price point (top-end of our ascending channel) in the coming hours.

Also, we could see a break above the prevailing channel given the current momentum in the market. Nonetheless, any fall from the current level should be heavily repelled by the 13450 support in the meantime.

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