Nasdaq 100 holds key support to suggest a Biden win may not be the consensus – Credit Suisse
Nasdaq 100 is holding the key support from its 10677 September low to maintain the scenario the Credit Suisse analyst team is seeing the formation of a potential bull “triangle”. A move below 10677 post the election would instead set a top.
Key quotes
“Nasdaq 100 has weakened into the election but importantly is holding trend support from the lower end of its range from July at 10950, maintaining the scenario we could potentially be looking at the construction of a bullish ‘triangle’ continuation pattern.”
“Given that a commonly held market view is that a Biden presidency would likely be a headwind for Tech, we would probably have expected to see Tech lower if investors were heavily skewed this way.”
“Above 11695 post the election is needed to a bull ‘triangle’ scenario for strength back to the top of the ‘triangle’ at 12035/75. Beyond 12205 though is needed to suggest the range has been resolved to the topside with resistance next at the 12440 record high and eventually 12965/85.”
“Below 10680/75 post the election would mark an important top and likely further weakness in Q4 to 10275 initially, then the 200-day average at 9942.”
Author
FXStreet Team
FXStreet
