Nasdaq 100 Sees Gains Along With The Big Five, As Moderna Inc Inks Vaccine Supply Deal

nasdaq 100 index
nasdaq

A boost from the big five on the Nasdaq 100 composite index is boosting that index by 2.25% on the day. The US markets have made a positive impression on the day, after yesterday’s losing session, with the Nasdaq 100 getting a big push from stocks of Apple, Amazon, Facebook, Tesla and Alphabet, which are all on the winning side of the equation.

Moderna Inc was also one of the gainers on the Nasdaq 100 today after the company netted a $1.5 billion supply deal with the US government to supply its coronavirus vaccine candidate when ready. Shares in the stock climbed 1% as a result. Not surprisingly, the top performers’ list on the Nasdaq 100 features several pharmaceutical stocks. Cellular Biomedicine Group (34.69%), Pacific Biosciences (25.23%) and Eyegate Pharmaceuticals (22.68%) are some of the pharma stocks on the list.

Technical Outlook for Nasdaq 100

The 10866.5 support has been the critical price level to this week’s price structure. This price is the level that provided support to the candles of yesterday and today, allowing today’s candle to push up towards the top of 5 August and 11 August. This setup has created a new resistance at 11176.3. A push above this level allows the Nasdaq 100 to make a potential move towards the all-time high at 11288.6. Above this level, the Nasdaq 100 establishes new highs, even as it chases a possible resistance at 11,453 (300% Fibonacci extension from the 10 March to 23 March move). 

On the flip side, rejection at 11176.3 could allow sellers to beat back the index to 10866.5. If this support holds, then we could see prices ranging between these two price levels. A breakdown of 10866.5 provides the potential for a further drop towards 10505.4, with 10307.3 and 10156.5 fast becoming distant downside targets.

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Nasdaq 100 Daily Chart

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