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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, Analyst
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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

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