Nasdaq 100 Price Analysis — January 8

Nasdaq 100 Price Analysis — January 8

Wall Street saw a significant bull rally on Thursday, causing the top indexes to record new all-time highs. The rally came on the back of the recent Georgia Senate runoff, which saw Democrats win both seats.

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.

NDX – Hourly Chart

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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Author : Azeez Mustapha

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.