Nasdaq Set for Another Bull Run as Risk Appetite Grows

Nasdaq Set for Another Bull Run as Risk Appetite Grows

The Nasdaq 100 (NDX) futures have experienced a slight retrace in the early Asian session on Tuesday, after rising by about 1.8% on Monday. This came on the back of an announcement by the CEO of Pfizer (NYSE: PFE), Albert Bourla, that a COVID-19 vaccine could be available for deployment to the public by the end of the year. This was the major risk-boosting factor for Wall Street.

Meanwhile, US tech giant Oracle (NYSE: ORCL) is looking more likely to acquire TikTok’s US operations, after Microsoft (NASDAQ: MSFT) stepped down. This helped Oracle’s share price jump by about 4% before a trading halt came into place.

In other news, as the global markets wait for Wednesday’s FOMC meeting and Thursday’s BOJ and BoE interest rate decisions, some significant economic data have come out from China.

Meanwhile, eleven of the S&P 500 (SPX) sectors also climbed higher on Monday. The bounce was led by the real estate (+2.16%), information technology (+2.07%), and materials (+1.37%) sectors. At least 88% of the index closed higher.

NDX – 4-Hour Chart

Nasdaq 100 (NDX) Value Forecast — September 15

NDX Major Bias: Bullish

Supply Levels: 11650, 11890, and 12000.

Demand Levels: 11050, 10840, and 10520.

Following the NDX’s decline on Friday, the index was met with strong support around the 11050 area. This support helped it facilitate a bounce higher to the 11300 area. Holding strongly above this level could help the Nasdaq 100 bounce back to the 11650 area, where a strong confluence of indicators (11650 resistance line and 50 SMA) lie.

We could see the NDX surge and get back into the previous ascending channel in the near-term, as it is now well within oversold conditions. That said, we should expect a bull run in the near-term.

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
Share with other traders!