It was reported that House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke by phone yesterday on the issue of renewed relief packages, and will continue today.
Reports that a deal was still on the table bolstered Wall Street’s indexes yesterday, helping them recover from last week’s sell-off, which was induced by the news that President Trump had been infected with the COVID-19 disease.
Meanwhile, Trump was back in the White House on Monday from Walter Reed Medical Center military hospital but was heavily criticized for still downplaying the severity of the virus after removing his mask upon his return. The Coronavirus has claimed more than 209,000 lives in the United States presently.
Growing political tensions ahead of the US Presidential Elections and varied macroeconomic data have caused a surge of volatility in the US equity markets, with the tech-heavy Nasdaq (IXIC) and the S&P 500 trading about 6% and 5% below their respective records highs since more than a month ago.
Moving on, market participants will be focused on comments from Federal Reserve Chair Jerome Powell later today at the virtual National Association for Business Economics.
Nasdaq 100 (NDX) Value Forecast — October 6
NDX Major Bias: Sideways
Supply Levels: 11650, 11890, and 12000.
Demand Levels: 11307, 11200, and 11000.
The NDX has made a strong recovery from the 11225 area and recorded a fresh weekly high at 11512, as it keeps 11650 in view. However, it appears that the index is losing its momentum as it has retraced to the 11430 support level in the pre-trading hours today.
Meanwhile, a new bullish trendline has emerged on our 4-hour chart, indicating that the NDX will be strongly supported around the 11300 area if this mild bearish sentiment prevails.
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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