Nasdaq 100 Price Analysis — November 17

Azeez Mustapha
17 November 2020 | Updated: 17 November 2020

The Nasdaq 100 (NDX) traded on a positive note through Monday and is likely to resume its bullish journey in the North American session on Tuesday.

The index has started this week on a very positive footing, as market participants expect a replay of last week’s bull run in yet another COVID-19 vaccine-related development.

The refreshed market risk appetite got sponsored by reports that one of the world’s leading drugmakers, Moderna (NASDAQ: MRNA) had manufactured a very effective COVID-19 vaccine. This news is coming just under a week after Pfizer (NYSE: PFE) reported a 90% effectiveness rate in its vaccine candidate. This week, Moderna announced that its phase three trial vaccine showed a 94.5% effectiveness in preventing the virus.

Notably, the bullish gaps between the S&P 500 (SPX) and other major indexes were significantly slimmer this time around, compared to the November 9 rally.

Another similarity to last week’s price action is the slide in the NDX relative to the Dow Jones (DJIA) and SPX. This observation could be a sign of a lift in global risk trends or a quelling of the uninformed speculative appetite seen over the past few months.

Regardless, a second successful vaccine against the disease responsible for the global economic crisis is a very positive development for the global economic recovery.

NDX – 4-Hour Chart

Nasdaq 100 (NDX) Value Forecast — November 17

NDX Major Bias: Bullish

Supply Levels: 12220, 12439, and 12600.

Demand Levels: 11890, 11650, and 11307.

The NDX maintained its bullish momentum into the second day of the week, as our technical indicators project subsequent climbs. The index is currently trading within a wedge, and a sharp breakout to the upside seems imminent. We expect a retest of the 12220 resistance in the short-term, after which the 12439 ATH comes into contention.

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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Azeez Mustapha

Azeez Mustapha

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.