Nasdaq 100 Price Analysis — October 27

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The Nasdaq 100 (NDX) traded with a good amount of volatility at the start of the week amid growing COVID-19 cases and dwindling hopes for a US fiscal stimulus package, which thwarted risk appetite.

Meanwhile, a downtrodden outlook and quarterly report for Germany’s largest software company, SAP has added to the gloomy sentiment surrounding the NDX, ahead of what can be regarded as the most important period for the tech-heavy index. In the coming days, big-tech companies will be reporting their earnings, which could create massive volatility for the index ahead of the US Presidential election.

All this volatility-inducing events make for an explosive reading period for the Nasdaq 100, especially at a time when the VIX is inflated. That said, correctly predicting the directional bias of the NDX will be very difficult.

Nonetheless, the Nasdaq will be dictating market sentiment in the days ahead, giving the index’s technicals more importance.

As the high-profile earnings drop in the coming days, investors will start to see a more vivid image of what the NDX could do next. Until then, predicting a clear-cut bias for the Nasdaq is near impossible.

Nasdaq 100 (NDX) Value Forecast — October 27

NDX Major Bias: Bearish

Supply Levels: 11650, 11890, and 12000.

Demand Levels: 11307, 11000, and 10680.

The NDX has traded on a strong bearish bias for the seventh consecutive session now, amid the growing political tensions in the US and the growing coronavirus infection globally. The index has been steadily trading below our descending trendline since its 12204 high on the 12th of October. That said, we should expect further declines to the 11307 support and possibly below.

However, it is advisable to remain on the sidelines, given the uncertainty plaguing the market.

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