Nasdaq 100 Buyers May Want to Wait for Lower Prices
NASDAQ 100 buyers might find a better entry point if they wait a couple of weeks, as prices are currently stuck in a large triangle pattern. Support is close to the September low of 18,309. With the general election approaching, traders could soon take profits.
The NASDAQ 100 and other stock indices have already seen significant gains. Historically, the S&P 500 tends to rise by around 30% in election years, with the S&P 500 already up by 19%. This suggests that the upside might be limited.
However, if the NASDAQ 100 doesn't drop toward the September low, there's a chance for a bullish breakout of the triangle pattern. A breach of 20,119 will likely signal that the price is ready to head higher.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
The NASDAQ 100 and other stock indices have already seen significant gains. Historically, the S&P 500 tends to rise by around 30% in election years, with the S&P 500 already up by 19%. This suggests that the upside might be limited.
However, if the NASDAQ 100 doesn't drop toward the September low, there's a chance for a bullish breakout of the triangle pattern. A breach of 20,119 will likely signal that the price is ready to head higher.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.