With the 2020 Presidential Election just about three weeks away, US President Donald Trump is still lagging Democratic opponent Joe Biden. The former Vice President is beginning to garner strong support from key Republican strongholds like Texas and Georgia, and even New Hampshire. With just a little time until November 3, polling data in swing states may begin to influence market dynamics.
Meanwhile, a third presidential debate is set to take place on the 22nd of October, after the president refused to participate in the second debate. Following Trump’s performance in the first debate, polls show that Joe Biden’s favorability skyrocketed afterward. This has helped sustain the markets’ risk appetite despite uncertainties over another round of fiscal packages.
In other news, President Trump offered to increase the size of the fiscal stimulus package yesterday, in what is perceived to be a desperate attempt to win back support from Republicans and Democrats. This move helped limit Wall Street’s descent, though many investors still do not see the feasibility of a deal before the November 3 election.
Nasdaq 100 (NDX) Value Forecast — October 16
NDX Major Bias: Bullish
Supply Levels: 12000, 12220, and 12420.
Demand Levels: 11890, 11650, and 11307.
The NDX suffered a significant decline yesterday after it failed on several occasions to take the 12220 resistance. Also, it appears that the decline was further strengthened by the indexes saunter into overbought territories yesterday.
At press time, the NDX is trading at 11980 (pre-market data), just below the 12000 resistance. Given its current momentum, we could expect the price to breach this level today.
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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