Nasdaq going vertical again

24/08/2020

Another day, another record! The Nasdaq 100 index is unstoppable, and it was trading more than 1% higher on Monday, outperforming other indices again and going vertical, again. 

As there are no resistances, it is hard to define targets for the current rally. The 12,000 USD level is looking attractive and could be reached tomorrow if this pace of gains continues. Another mid-term target could be at 15,000 USD, or possibly the 20,000 USD level till the end of the year. 

A thousand points a month doesn't seem to be a problem, why not. 

As long as the index remains above 11,550 USD, the short-term outlook appears bullish, and any dips should be bought. Moreover, the short-term uptrend line is also located at this level, which is reinforcing this support.

Stocks are now negatively correlated to the USD and the greenback has been losing recently as the Fed is buying everything and pumping massive amounts of money into the financial markets. Since this trend is unlikely to end soon, stocks are expected to roar higher, while the debasement of the US dollar should also continue. 
Cookie Policy: The Axiory website uses cookies and by continuing using the website you consent to this. Risk Warning: Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. Please read the full Privacy Policy.