NASDAQ 100 Monthly Forecast: November 2024 (Chart)

(MENAFN- Daily Forex)

• During the month of October, we have seen a lot of choppy noise in the NASDAQ 100, as we continue to see more of a grind to the upside.
• All things being equal, this is a market that continues to see a lot of support, but all things being equal, it certainly looks as if the buyers are still very much in control, despite the fact that interest rates have been rising in America, flying in the face of what the Federal Reserve has attempted to do.

There is an election November 5 in the United States it will determine the next president, and I suspect that the idea of Donald Trump winning has already been priced into the stock market. The various indicators you can use on Wall Street to think what traders are thinking all seem to be leaning in that same direction.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money

That being said, if we get a Kamala Harris victory, that could cause a little bit of chaos in the market, but one thing that I have learned over the years is that typically, when you see some type of massive shock like that, it is short-lived.

As I write this analysis, we are testing the all-time highs, and I do think that sooner or later we will break out to the upside. The market could go looking to the 21,000 level, but given enough time the market is probably going to see some type of pullback before we really take off, and I do think that if Donald Trump ends up winning the election, it's very possible that we may see a little bit of a pullback, mainly due to it being a“sell on the news” type of event.

For what it is worth, the 50 Week EMA sits right around the 18,200 level and is rising, and therefore I think we've got a situation where there is almost no possibility of shorting the NASDAQ 100, although it could very well pullback. If we do pull back, think of it as value and start looking for the so-called“Santa Claus rally” that happens at the end of the year Chart by TradingView

Ready to trade our
monthly forecast ? We've made this
stocks brokers list
for you to check out.

MENAFN31102024000131011023ID1108839058