Nasdaq 100 Records Significant Gains as Lawmakers Near Agreement on Stimulus Deal

Nasdaq 100 Records Significant Gains as Lawmakers Near Agreement on Stimulus Deal

The Nasdaq 100 (NDX) made significant gains yesterday amid the fresh optimism over an additional stimulus package following Monday’s statements by Treasury Secretary Steven Mnuchin that lawmakers are close to agreeing on a $1 trillion stimulus deal. It is believed that the proposal will include another round of $1,200 checks.

Meanwhile, the Nasdaq Composite (NASDAQ INDEX: ^COMP) outperformed the DOW30 and the S&P 500. The index’s rise was mainly precipitated by gains in major tech stocks like Apple (NASDAQ: APPL) and Amazon(NASDAQ: AMZN).

In other news, this week will be a busy week for tech giants. The CEOs of Apple, Amazon, Facebook (NASDAQ: FB), and Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) subsidiary Google, are going to be testifying in front of the House Judiciary Committee in agreement with a historic antitrust hearing.

The hearing was originally slated for Monday but was rescheduled to Wednesday due to the funeral of late Representative John Lewis, who passed away earlier this month.

The antitrust scrutiny of large tech corporations was created as a result of critics who argued that these large companies collectively wielded too much market power and that they stifled competition.

Lawmakers will be grilling Jeff Bezos, Mark Zuckerberg, Tim Cook, and Sundar Pichai as they compile evidence to ascertain those allegations.

Meanwhile, all four tech behemoths are set to report earnings the following day.

NDX – Daily Chart

Nasdaq 100 (NDX) Value Forecast — July 28

NDX Major Bias: Bullish

Supply Levels: 10895.3, 11307.5, and 11600.5

Demand Levels: 10191.0, 9901.3, and 9481.1

The NDX has found immediate support at the base of our ascending channel. At press time, we’re faced with the 50 MA line at 10727. A break above that line could accelerate our approach to the 11000 psychological resistance level. Given the current tone of the market, the NDX will likely reach that level in the near-term.

The base of our channel is expected to hold and provide strong support if a fall occurs from this level.

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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