The ‘Blue Wave’ outcome means that the Biden administration will control both the White House and Congress, which will allow the president-elect to carry out most of his policies, including fiscal and infrastructure spending, with ease.
The Nasdaq 100 (NDX) rose by a whopping 2.51% to print a new ATH at 12939.57 at the close of Thursday. The tech-heavy index soared thanks to gains from Tesla (NASDAQ: TSLA) +7.9%, Nvidia (NASDAQ: NVDA) +5.78%, PayPal (NASDAQ: PYPL) +3.62%, and Apple (NASDAQ: AAPL) +3.41%.
The S&P 500 closed on Thursday with a 1.4% rise and recorded a new ATH at 3803.8, while the Dow Jones closed at +0.5% and recorded a new ATH at 31197.
In other news, the Nonfarm Payroll data scheduled to be released later today will be closely monitored by investors and speculators alike. Economists expect to see a 71,000 increase in December numbers, a sharp decline from November’s 245,000. A lower job-creation number may interpret as a softer employment market sentiment, as lockdown restrictions interrupt business activities.
The US dollar (DXY) is sensitive to the NFP data, and a worse-than-expected report could send the greenback lower and the NDX higher.
Nasdaq 100 (NDX) Value Forecast — January 8
NDX Major Bias: Bullish
Supply Levels: 13000, 13200, and 13400.
Demand Levels: 12793, 12650, and 12550.
The NDX has recovered from its recent decline to the 12600 area from two days ago. Just yesterday, the index recorded a fresh ATH at 12939 and has proceeded to break the crucial 13000 psychological area a few hours ago (via pre-market data).
In the meantime, we could see a correction from this level in the coming hours before it continues on its bullish quest.
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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