Nasdaq 100 Ploughs Towards 12000 As WH Adviser Says Trump Has Approved More Stimulus
The Nasdaq 100 is pushing higher this Friday as risk-on sentiment firmly settles into the US markets. The index is on course for triple-digit gains this Friday as White House Economic Adviser Larry Kudlow said that US President Donald Trump had approved an additional stimulus program for small businesses.
Even as the US President tweeted on Friday that “COVID relief negotiations are moving along”, Kudlow was quoted by Reuters as saying that Trump’s stimulus package included the “Paycheck Protection Program (PPP) extension” as well as “direct checks and airlines.”
Investors on the Nasdaq 100 loved these comments, and the index is now up 1.05% on the day. It trades at 11694.1, translating to a 122.0 points gain as of writing.
Technical Outlook for Nasdaq 100
The Nasdaq 100 index is trading higher for the 3rd day running on the positive developments around the coronavirus stimulus package. Friday’s bullish move now targets the 11794.1 resistance, with 12003.6 also on the radar in continuation of the measured move from the double bottom that is now metamorphosing into a reverse head and shoulders pattern.
On the flip side, a rejection at 11794.1 may allow for a pullback to the neckline of the double bottom pattern. Only a breakdown of this neckline and the accompanying support at 11176.3 invalidates the upside move, targeting the 10866.5 and 10760.8 support levels.