Nasdaq 100 Price Analysis — October 6
Login

Nasdaq 100 Price Analysis — October 6

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:
The US stock index futures traded in a subdued manner on Tuesday as investors carted away profits from the rally that sent the Nasdaq 100 (NDX) to a fresh weekly high. The rally also sent the S&P 500 (SPX) and Dow (DJIA) to fresh 2-week highs, as the markets waited on a fiscal stimulus agreement. 

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. 

NDX – 4-Hour Chart

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 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
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News