If you’re looking for the most in-depth analysis of the Nasdaq 100 and how recent political developments are impacting the market, you’ve come to the right place. As the world’s best investment manager and financial market journalist, I have the inside scoop on what’s really going on.
President Biden’s shocking decision to drop out of the 2024 Presidential race has sent shockwaves through the political and financial worlds. With Kamala Harris now the presumptive US Presidential nominee, the landscape is shifting rapidly. Former President Trump is still the favorite to win the presidency, but some elements of the recent “Trump Trade” are starting to moderate.
From a technical analysis standpoint, the Nasdaq 100 is bouncing off 50-day EMA support, with key resistance levels at 20K, and support at 18,900 and 18,400. The market reaction to the political drama has been limited, but we are seeing a slight unwind of the “Trump Trade,” with US Treasury yields ticking higher and the tech-focused Nasdaq 100 outperforming other major indices.
Looking ahead, the coming weeks will be crucial for the Nasdaq 100. Earnings reports from tech giants like Alphabet and Tesla could make or break the index’s push towards the 20K mark and beyond. If earnings meet or exceed expectations, we could see a rapid rise towards the record high near 20,700. However, if weak earnings reports start to pile up, we could see a pullback towards key support levels at 18,900 and 18,400.
Overall, the Nasdaq 100 remains in a strong position for now, but the political and earnings landscape is constantly evolving. As the best investment manager and financial market journalist, I’ll be keeping a close eye on all developments and providing you with the most accurate and timely analysis to help you make smart investment decisions.
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