INasdaq 100 Ithatha I-Bullish Steam njenge-COVID-19 Vaccine Optimism Wanes

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The recent market shift away from the tech sector into traditional value stocks following the positive COVID-19 news could be short-lived. Investors have trooped into value stocks after a COVID-19 vaccine being developed by Pfizer showed 90% effectiveness against the novel disease. This bolstered companies with a traditional business model, especially at a time when the US is recording more than 100,000 Coronavirus cases daily.

However, with the vaccine requiring a strict storage temperature of -70 degrees Celsius and two doses required to effectively inoculate the receiver, there is a decent chance that the distribution of the much-needed vaccine will be limited. This could affect the current sectoral rotation and pour capital back into the tech sector.

Meanwhile, the possibility of stricter lockdown measures under a Biden administration could re-establish a premium on tech stocks. The tech-heavy Nasdaq 100 (NDX) has greatly outperformed its index counterparts since the March crash, climbing 88%, while the S&P 500 (SPX) and Dow Jones (DJIA) climbed by 65% and 64% respectively.

That said, the prevailing fundamental factors could continue to aid the Nasdaq 100 index and tech stocks in the near-term.

I-Nasdaq 100 (NDX) Value Forecast - Novemba 13

I-NDX Major Bias: Ngaphandle

Amazinga Wokunikezela: 12000, 12220, kanye no-12439.

Amazinga Wokudinga: 11650, 11307, kanye no-11000.

The NDX has recovered from its recent descent, as it was immediately saved by the 11500 support. At press time, the NDX is trading at 11920, a few points below the critical 12000 pivot point (pre-market data). That said, we should expect a retest of the 12100 -12200 area, as fundamental factors continue to favor the index.

On the flip side, failure to clear the 12000 psychological area could open the door to a retest of the 11650 area.

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