As of this writing via the futures market the Nasdaq 100 is near the 23,817.00 ratio, this as the index is clearly pushing up against near-term resistance and buyers know record heights are within sight.
In mid-August the Nasdaq 100 toyed with 23,975.00 vicinity before falling back, by the 20th of August the index was below the 23,000 level. Upwards value took the Nasdaq 100 back to the 23,750.00 ratios on the 28th of August. As of today, the 9th of September the Nasdaq 100 is near 23,817.00 mark via futures trading, but the past ten days of trading has seen a parade of volatile reversal be persistent.
Day traders need to understand the trend upwards in the Nasdaq 100 continues to show signs of strength, but it has not come without a fight. Meaning day traders who cannot handle the intraday grind of volatility, which is certainly a part of the Nasdaq 100, need to be cautious. The past few days of trading in the Nasdaq 100 have seen high around 23,865.00 but resistance has proven rather durable.
Near-Term Concerns Mixed with Mid-Term Appetites
Investors in the Nasdaq 100 likely feel that the mid-term offers an opportunity for more gains to be produced. The Nasdaq 100 along with the other major U.S indices have produced rather steady moves higher, but speculatively day traders may want to use risk taking tactics that try to take advantage of support levels when the Nasdaq 100 is pushed lower - and then look for upwards momentum.
If the Nasdaq 100 were to see the 23,900.00 level be attained and values become sustained, this would be a signal another dose of confidence has been accomplished via investor outlook. However, questions about inflation and what the Federal Reserve will do on the 17th of September and then in October are causing problems and need to be answered first. Speculative power in the Nasdaq 100 has seen buying prove steady, but it has not been able to prove dynamical sustained.
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Choppiness Until Results of Inflation Reports
Tomorrow inflation numbers from the U.S will be a factor in trading, this as large investors position themselves ahead of the Producer Price Index data on Wednesday.
- Thursday will see U.S Consumer Price Index statistics be published.
- If the inflation numbers come in lackluster the Fed would have to acknowledge inflation is tame for the moment.
- However if tomorrow’s PPI results are higher than expected this would cause a potential backlash and concern among investors – and thus hit day traders too – because of fears of escalating prices.
- The Nasdaq 100 is bouncing up against resistance near 23,850.00 to 23,860.00 rather consistently the past few days, it must be toppled and sustained to show bulls are back in control.
- However, it is the inflation numbers tomorrow and Thursday which will like create significant impetus, before the PPI and CPI results choppiness will likely remain a feature of the Nasdaq 100.
Nasdaq 100 Short-Term Outlook:
Current Resistance: 23,830.00
Current Support: 23,801.00
High Target: 23,875.00
Low Target: 23,780.00
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