Nasdaq 100 Price Analysis — November 6

Nasdaq 100 Price Analysis — November 6

The US stock markets saw a sharp reversal in the early trading hours on Friday, following a strong rally pushed the Nasdaq 100 (NDX) up by more than 11% this week alone. This surge was likely as a result of more investors betting on a split Congress, which would forestall any major industry policy changes.

The outcome of the election is yet to be decided upon, but it appears that Joe Biden is now closer than ever to securing 270 votes in the Electoral College that determines the winner as he flips Georgia.

Meanwhile, incumbent President Donald Trump has launched a series of smear campaigns against the country’s democratic process from the White House and over a series of tweets, as he claims that the election was “stolen” from him.

Matt Sherwood, Head of Investment at Perpetual in Sydney, has remarked that the markets have already priced in a Biden win and a politically-split Congress. He added that the markets can get all of the good parts about a Biden presidency including stable leadership and foreign policy, without any of the far left aspirations like increased taxation.

That said, the prospect of a policy stalemate in Washington eased worries about a stricter regulation on the Big Tech companies.

NDX – 4-Hour Chart

Nasdaq 100 (NDX) Value Forecast — November 6

NDX Major Bias: Bullish

Supply Levels: 12100, 12220, and 12439.

Demand Levels: 11890, 11650, and 11307.

Following a very powerful performance over the week, the NDX has regained its bullish momentum and will likely go on to clear a new all-time high. That said, we might see a little retrace to the 11890 – 11700 level, where bounce will likely occur and take the NDX to higher levels.

Meanwhile, the results of the elections (which could likely be finalized today) is the main event to look out for clues.

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.