- In my daily analysis of the US indices, the NASDAQ 100 is one that I find very interesting, due to the fact that we are sitting at a large, round, psychologically significant figure in the form of 20,000.
- Because of this, I think we have a situation where a lot of people will be paying close attention to this market, especially considering that the 50 Day EMA sits right in that same neighborhood as well.
- The market had previously seen a couple of very negative days, and although the Friday candlestick didn’t end up being overly impressive, the reality is that the market is in an area that of course is important, and of course the fact that we are at least trying to stabilize after such a significant sell off for a couple of days is something to pay attention to.
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US Elections
Unfortunately, we have the US elections ahead of us on Tuesday, and well as an American I will be happy to get this behind me, the reality is that it will cause a bit of noise in the trading markets, especially in the Nasdaq 100.
As things stand right now, Wall Street seems to believe that Donald Trump will become the next President, so therefore if Harris ends up winning the presidency, then it more likely than not cause quite a bit of chaos in the market. That being said, if Donald Trump actually wins, then it probably will be a little bit of noise that will last just a few hours at best.
The real question of course is whether or not the Republicans take the Senate, House of Representatives, and the White House. If they do, it’ll be interesting to see how Wall Street reacts, because Wall Street prefers gridlock in the government, due to the fact that being said that they won’t be getting anything done, meaning that there will be no major legislation passed. At least, that’s the theory. At this point in time though, I believe that the NASDAQ 100 will remain bullish, and even if we did break down below the 50 Day EMA, we could see the 19,500 level offer support.
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