Nasdaq 100 Gets a Boost as US Lawmakers Resume COVID-19 Stimulus Talks

Nasdaq 100 Gets a Boost as US Lawmakers Resume COVID-19 Stimulus Talks

US equity indexes closed higher on Thursday, as investors’ market confidence got revitalized following mentions of Washington lawmakers coming back together to pass a Coronavirus fiscal stimulus package to ease the pandemic-induced economic crisis.

The Nasdaq 100 (NDX) rose by 90.72 points or (0.76)and closed at 11985.43, while the Dow Jones (DJIA) and S&P 500 gained 0.36% and 0.39%, respectively.

As mentioned earlier, yesterday’s rally was sponsored mainly by the revived COVID-19 stimulus talks, as the virus continues to ravage the US. at press time, there are 12 million infection cases in the US, with a tragic 258,363 recorded deaths.

Senate Minority Leader Chuck Schumer, Democrat-New York, noted that Senator Mitch McConnell, Republican-Kentucky, had acceded to renew talks on a new COVID-19 aid package relief. Before this point, Democrats and Republicans in Congress could not agree on a suitable size and scope of a potential stimulus bill.

That said, the recent breakthrough was seen as a very positive development and boosted market mood. However, investors remain cautious, as many of them trooped back into large-cap tech-related stocks that thrived in the previous lockdown period.

That said, Wall Street is expected to see some choppiness in the coming sessions as investors monitor fresh Coronavirus developments closely.

NDX – 4-Hour Chart

Nasdaq 100 (NDX) Value Forecast — November 20

NDX Major Bias: Bullish

Supply Levels: 12070, 12200, and 12439.

Demand Levels: 11890, 11650, and 11307.

Although the sentiment surrounding the NDX is upbeat, the index remained within a consolidation range between 12070 and 11770 over the past week.

Meanwhile, the index is trading within a wedge, providing expectations of a sharp breakout—most likely to the upside—soon.

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 an experienced author, trader, markets analyst, signals strategist, and funds-manager.