Yesterday, the NDX rose by 42.93 points or +0.33%, the Dow jumped by nearly 200 points, or 0.7%, while the SPX printed a fresh ATH at 3760 and was up by +0.64%. Reports show that the NDX recorded its best year in more than two decades.
Moving forward, the prevailing Wall street bull trend is expected to maintain its trajectory through the new year, except for some technical pullbacks in the first quarter of 2021.
Speculators expect the Joe Biden presidency to come with some significant changes to US foreign policy along-with some tax reforms after the January inauguration. However, the lingering COVID-19 pandemic, uneven distribution of vaccines across the globe, and the prevailing US-China tensions are the main risk focus for the global market in the coming weeks and months.
Meanwhile, yesterday’s economic release showed that first-time jobless claims declined unexpectedly to 787k last week, performing better than economists’ initial jobless claims forecast of +835k. Also, the state continuing jobless claims dropped by 103k to 5.22 million.
Nasdaq 100 (NDX) Value Forecast — January 1
NDX Major Bias: Bullish
Supply Levels: 12925, 12950, and 13000.
Demand Levels: 12793, 12700, and 12650.
The Nasdaq 100 has recorded a fresh record high of 12925 this week, as we expect more price gains. The base of this current is placed at 12800, giving the NDX enough wiggle room to consolidate higher.
Another near-term factor contributing to the bullish prospects of the tech-heavy index is the 4-hour MACD indicator, which is still in neutral conditions. We expect more record highs once US markets open again next week.
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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