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Nasdaq 100 Technical Forecast: Report Ranges in Sight After FOMC

Nasdaq 100 Value Chart Forecast

The Nasdaq 100 noticed a bout of volatility following the 25bps minimize from the Federal ReserveA touch at quantitative easing allowed the tech-heavy Index to rebound and put up a modest acquire for Wednesday’s sessionWith occasion danger behind it, can the Nasdaq proceed increased or will the Index expertise an identical response to the times following July’s FOMC assembly?

Nasdaq 100 Technical Forecast: Report Ranges in Sight After FOMC

Closing at 7,888, the Nasdaq 100 is simply 129 factors from its file shut at eight,017 even after weathering substantial occasion danger posed by the FOMC fee determination earlier Wednesday. Regardless of an unsure coverage path, the Nasdaq closed modestly increased for the session as Chairman Jerome Powell hinted on the potential for one more spherical of quantitative easing. Thus, the panorama is just like July’s FOMC assembly the place expectations had been narrowly met, and the Index loved a slight enhance – till President Trump introduced an escalation within the US-China commerce struggle which battered danger sentiment and the Nasdaq alike.

Nasdaq 100 Value Chart: Day by day Time Body (June – September)

Nasdaq 100 price chart forecast NDX.

Charted created with TradingView

Floating above the higher certain of the August vary round 7,774, the Nasdaq 100 might look to get pleasure from a bullish continuation this time – if the basic panorama stays constant. In pursuit of an extension increased, bulls will look to help from the higher certain of the vary and the ascending trendline from December and June lows which each reside close to 7,774. Subsequent help round 7,596 might come into play within the occasion of a bearish reversal.

Alternatively, if the preliminary takeaways from Wednesday’s FOMC fee determination maintain, bulls might look to pierce resistance to the topside round 7,954 earlier than trendline resistance materializes round eight,010 because the Index closes in on its all-time excessive. Subsequently, the Nasdaq’s subsequent course will seemingly be determined by how happy the market is with the Fed’s outlook. With that in thoughts, observe @PeterHanksFX on Twitter for updates within the interim.

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

Contact and observe Peter on Twitter @PeterHanksFX

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


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