Investors will be looking at the fundamental details to assess Corporate America’s performance in the winter when a second wave of the coronavirus hit the economy.
That said, analysts are very optimistic about the Q4 earnings, with an estimated EPS decline for the quarter up at -8.8% from -12.7% recorded at the end of September 2020.
In other news, despite the prevailing headwinds, the recent $1.9 trillion stimulus proposition by President-elect Joe Biden to dampen the effect of the virus-induced economic crisis has bolstered hopes for reflation. Also, the gradual rollout of COVID-19 vaccines across the globe could hasten the global economic recovery and the normalization of business activities in the medium term.
Meanwhile, base metal and crude oil prices have climbed to a multi-month high, setting good precedence for the recovery outlook.
The cycle-linked energy, materials, financials, and industrials sector have all been on an upward trajectory since the end of last year, extending a sectoral rotation from the tech industry.
Nasdaq 100 (NDX) Value Forecast — January 19
NDX Major Bias: Bullish
Supply Levels: 12900, 12966, and 13000.
Demand Levels: 12793, 12650, and 12500.
The NDX has just seen a major correction to the 12793.00 support and has hit the base of our ascending channel, indicating that we could see a strong rebound to the upper-13000 area in the coming hours and days, as the market resume from the long weekend and public holiday. That said, the 12966.00 resistance might prove a tough nut to crack and could stall the NAS100’s ascent in the meantime.
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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