Nasdaq 100 Picks Bullish Momentum as Election Polls Favor Democrats

The US equity markets had a bullish session yesterday with the Nasdaq 100 (NDX) growing by 0.42%, the S&P 500 (SPX) by 0.80%, and the Dow (DJIA) by 0.43%. The risk-on mood was triggered by the developments surrounding the November 3 Presidential Elections.

Recent polls from the US show that Democratic Presidential candidate Joe Biden is likely to win the upcoming election as reigning President Donald Trump loses popularity. Several polling reports show that Joe Biden is leading President Trump significantly with as high as 18 points in some cases.

However, the President is still leading in strong ‘red’ states like Texas. Regardless, the state has become something of a battlefield of ideologies for democrats and Republicans recently.

That said, the performance of each candidate in key swing states like Florida and Pennsylvania will be crucial to determining who gets the victory. Currently, Biden is leading in these states with 11 and 13 points respectively, further solidifying the prospects of a Democratic president in November.

Meanwhile, the recent first and only debate between Senator Kamala Harris and Vice President Mike Pence might have given Biden further boost in the elections. Key polls taken after the debate indicates that Harris defeated Pence in both performance and policy. Increasing the popularity of the VP candidate will cement additional support for the Democratic candidate and cause the gap between him and Trump to widen even further.

Nasdaq 100 (NDX) Value Forecast — October 9

NDX Major Bias: Bullish

Supply Levels: 11650, 11890, and 12000.

Demand Levels: 11307, 11200, and 11050.

The NDX has resumed its bullish momentum in the pre-trading hours today. Following yesterday’s positive sentiment, the index looks ready to continue on the trajectory as it struggles to break above the 11650 resistance. A significant break above the 11650 resistance will open the doors for the index to reclaim its spot at the 12000s area.

Meanwhile, the index appears to be strongly supported by the prevailing ascending trendline making further declines unlikely in the meantime.

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