Nasdaq 100 Price Analysis — October 23


Wall Street traded on a choppy sentiment on Thursday, as investors’ mood was lifted by the prospect of additional fiscal stimulus to bolster the pandemic-torn US economy amid reports pointing to a slow-down in the labor market recovery.

This week, Wall Street traded at the mercy of reports surrounding stimulus talks. The CBOE Market Volatility Index (VIX) increased for the eighth time in the ninth consecutive session and was last spotted at +2.8%.

Meanwhile, the final debate between US President Donald Trump and his Democratic opponent Joe Biden on Thursday provided little surprises for election watchers but reinforced investors’ caution ahead of the November 3 elections.

While Biden plans on increasing taxes on corporate and capital gains if he becomes president, the pledge by Democrats to provide large stimulus reliefs is regarded as a decent compromise to the tax increase.

Also, the ‘green’ energy sector will be a potential winner against traditional energy firms under a Biden presidency. The Dow Jones (DJIA) oil and gas sector is currently at -49% YTD. Biden reaffirmed that his presidency will usher-in net zero-emissions by 2050.

Meanwhile, the Nasdaq 100 (NDX) has also lost about 1.4% this week alone on the worries of the Democrats’ hard stance on big tech firms. That said, investors could decide to cash-out their profits before any increase in capital gains tax. 

NDX – 4-Hour Chart

Nasdaq 100 (NDX) Value Forecast — October 23

NDX Major Bias: Bearish

Supply Levels: 11890, 12000, and 12220.

Demand Levels: 11307, 11000, and 10680.

The NDX remains under an intense downwards bias as the US Presidential election draws near. The index has now traded on a consolidation pattern for the fourth consecutive session, as it continues to descend with our downward-facing trendline. 

Meanwhile, this bearishness is likely a reprieve from the recent entry into overbought territory on our 4-hour MACD indicator. In the meantime, the index is likely to continue on its current consolidation. 

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 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.