However, with the vaccine requiring a strict storage temperature of -70 degrees Celsius and two doses required to effectively inoculate the receiver, there is a decent chance that the distribution of the much-needed vaccine will be limited. This could affect the current sectoral rotation and pour capital back into the tech sector.
Meanwhile, the possibility of stricter lockdown measures under a Biden administration could re-establish a premium on tech stocks. The tech-heavy Nasdaq 100 (NDX) has greatly outperformed its index counterparts since the March crash, climbing 88%, while the S&P 500 (SPX) and Dow Jones (DJIA) climbed by 65% and 64% respectively.
That said, the prevailing fundamental factors could continue to aid the Nasdaq 100 index and tech stocks in the near-term.
Nasdaq 100 (NDX) Value Forecast — November 13
NDX Major Bias: Sideways
Supply Levels: 12000, 12220, and 12439.
Demand Levels: 11650, 11307, and 11000.
The NDX has recovered from its recent descent, as it was immediately saved by the 11500 support. At press time, the NDX is trading at 11920, a few points below the critical 12000 pivot point (pre-market data). That said, we should expect a retest of the 12100 -12200 area, as fundamental factors continue to favor the index.
On the flip side, failure to clear the 12000 psychological area could open the door to a retest of the 11650 area.
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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