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Nasdaq 100 Forecast: Can Bulls Break Nearby Resistance Without Fiscal Aid?

Nasdaq 100 Forecast: Can Bulls Break Nearby Resistance Without Fiscal Aid?

2020-10-05 20:00:00
Peter Hanks, Analyst
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Nasdaq 100 Price Outlook:

Nasdaq 100 Forecast: Can Bulls Break Nearby Resistance Without Fiscal Aid?

After suffering losses late last week alongside news that President Trump had contracted coronavirus, the Nasdaq 100 charged into the green Monday and recouped lost territory. While tech stocks continue to be subjected to heightened volatility relative to other S&P 500 sectors, the price activity has helped create intriguing trade set ups. To that end, Monday’s recovery sees the tech-heavy index approaching an area that has sparked reversals in the past, can bulls persevere this time around or will resistance stand firm yet again?

Nasdaq 100 Price Chart: 1 – Hour Time Frame (September 2020 – October 2020)

nasdaq 100 price chart

While technical levels will help influence finer price developments, the fundamental landscape likely holds the key to the general direction of upcoming price action. To be sure, fiscal stimulus has been in the spotlight for weeks and some analysts have begun to argue a second covid relief package is being priced in by the market already, despite ongoing discussions.

Regardless, it seems investors have honed in on the theme that matters most and the prospect of further stimulus is likely contributing to the divergent sectoral performances that have been common over the last few weeks. As a result, the Nasdaq 100 might await further clarification before staging a break. That being said, a continuation higher – prior to another stimulus package – could hint at an underlying bullishness that was largely absent in September.

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Either way, the Nasdaq 100 trades between two horizontal influencers, resistance near 11,600 and support around 11,200. Without concrete progress on another fiscal stimulus package, I tend to favor continued indecision between the two zones, while an agreement in Washington could make an extension higher more likely. Thus, traders should keep an eye out for progress while employing nearby technical barriers to their advantage when taking shorter-term trades that fit their biases. In the meantime, follow @PeterHanksFX on Twitter for updates and analysis.

--Written by Peter Hanks, Strategist for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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