We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Mixed
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Real Time News
  • RT @HuXijin_GT: Based on what I know, China-US trade talks made breakthrough last week and the two sides have the strong will to reach a fi…
  • If a #Brexit deal is reached, Sterling will rally further, while in the equity space, the domestically-focused FTSE 250 should outperform the export-focused #FTSE 100. Get your market update from @nickcawley1 here: https://t.co/nfgon4la8s https://t.co/IEBfQ1wYx9
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: US 500: -0.13% Wall Street: -0.21% Germany 30: -0.32% France 40: -0.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Kh9F9IPP6d
  • RT @carlquintanilla: Morgan Stanley thinks the next few weeks/months could “resemble what we saw last December, albeit less dramatic given…
  • RT @onlyyoontv: Chatted China’s take on DC trade talks and, @SullyCNBC— as I mentioned, Tencent has started broadcasting @NBA games again!…
  • BoE's Cunliffe says Brexit uncertainty has weighed on investment, adds that even if we get a Brexit transition deal, still do not know what the final trading relationship will be $GBP
  • .@DailyFX has just launched our new Worldwide Commodities Infographic. Be sure to check it out here to track major geopolitical players as well as live market prices -> https://www.dailyfx.com/research/global-commodities https://t.co/gUmzIfJReN
  • RT @TeddyVallee: *CHINA TO STRICTLY PROTECT IP RIGHTS, PREMIER LI SAYS
  • RT @onlyyoontv: When asked about next steps, @stevenmnuchin1 tells @CNBC: 1) deputy level calls this week 2) top negotiators’ (Lighthizer,…
  • Join @JWagnerFXTrader 's #webinar at 9:30 AM ET/1:30 PM GMT at the US market opening bell. Register here: https://t.co/9pXwJzGj54 https://t.co/Sf3agAblgC
Nasdaq 100 Technical Forecast: Record Levels in Sight After FOMC

Nasdaq 100 Technical Forecast: Record Levels in Sight After FOMC

2019-09-18 21:30:00
Peter Hanks, Junior Analyst
Share:

Nasdaq 100 Price Chart Forecast

  • The Nasdaq 100 saw a bout of volatility following the 25bps cut from the Federal Reserve
  • A hint at quantitative easing allowed the tech-heavy Index to rebound and post a modest gain for Wednesday’s session
  • With event risk behind it, can the Nasdaq continue higher or will the Index experience a similar reaction to the days following July’s FOMC meeting?

Nasdaq 100 Technical Forecast: Record Levels in Sight After FOMC

Closing at 7,888, the Nasdaq 100 is just 129 points from its record close at 8,017 even after weathering substantial event risk posed by the FOMC rate decision earlier Wednesday. Despite an uncertain policy path, the Nasdaq closed modestly higher for the session as Chairman Jerome Powell hinted at the potential for another round of quantitative easing. Thus, the landscape is similar to July’s FOMC meeting where expectations were narrowly met, and the Index enjoyed a slight boost – until President Trump announced an escalation in the US-China trade war which battered risk sentiment and the Nasdaq alike.

Nasdaq 100 Price Chart: Daily Time Frame (June – September)

Nasdaq 100 price chart forecast NDX.

Charted created with TradingView

Floating above the upper bound of the August range around 7,774, the Nasdaq 100 could look to enjoy a bullish continuation this time – if the fundamental landscape remains consistent. In pursuit of an extension higher, bulls will look to support from the upper bound of the range and the ascending trendline from December and June lows which both reside near 7,774. Subsequent support around 7,596 could come into play in the event of a bearish reversal.

On the other hand, if the initial takeaways from Wednesday’s FOMC rate decision hold, bulls could look to pierce resistance to the topside around 7,954 before trendline resistance materializes around 8,010 as the Index closes in on its all-time high. Therefore, the Nasdaq’s next direction will likely be decided by how satisfied the market is with the Fed’s outlook. With that in mind, follow @PeterHanksFX on Twitter for updates in the interim.

--Written by Peter Hanks, Junior Analyst for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

Read more:Dow Jones, DAX 30, FTSE 100, S&P 500 Forecasts for the Week

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

DISCLOSURES

News & Analysis at your fingertips.