Nasdaq 100 Worth Forecast for the Week Forward

Nasdaq 100 Worth Outlook:

Nasdaq 100 Worth Forecast for the Week Forward

Whereas the Nasdaq 100 has lengthy been probably the most unstable of the three main US indices, it isn’t immune from broader seasonal tendencies that can provide rise to uninspired value motion. Latest periods have seen the tech-heavy index languish about, buying and selling solely barely larger during the last two weeks. Such value motion furthers the probability of range-bound value motion that open the door to vary buying and selling methods. That stated, volatility might be revived by upcoming inflation information and subsequent week’s FOMC assembly.

Nasdaq 100 Worth Chart: Hourly Time Body (April 2021 – June 2021)

Within the meantime, nevertheless, the Nasdaq could proceed to lack conviction and will bounce between technical ranges because of this. Preliminary resistance resides across the index’s all-time excessive of 14,080 with few limitations past. Assist could reside close by on the zone round 13,700 adopted by extra formidable assist from 13,300 to 13,400. Because it stands, the “line within the sand” can seemingly be discovered alongside the rising channel close to 13,100 that, if assist have been to offer, may see losses speed up.

Nonfarm Payrolls (NFP) Drives the US Greenback & Forex Volatility

That stated, the bottom the Nasdaq 100 must cowl earlier than 13,100 have been below menace is critical and seasonal situations would make such a transfer all of the tougher. With that in thoughts, merchants could bide their time till Thursday’s inflation information launch and subsequent week’s FOMC assembly. Each occasions will supply perception into the primary market themes driving value motion, inflation considerations and taper speak.

Because the Nasdaq 100 searches for its subsequent catalyst, comply with @PeterHanksFX on Twitter for updates and evaluation.

–Written by Peter Hanks, Strategist for DailyFX.com

Contact and comply with Peter on Twitter @PeterHanksFX