Nasdaq 100, Dow Jones, DAX 30, FTSE 100 Forecasts for the Week Ahead
Sep 12, 2020 (MENAFN via COMTEX) —
(MENAFN – DailyFX) Nasdaq 100, Dow Jones, DAX 30, FTSE 100 Price Outlooks:
The Nasdaq 100 has been an underperformer as of late and appears weak technically The Dow Jones and DAX 30 will look to hold above their respective ascending trendlines The FTSE 100 remains ensnared in a descending channel that has seen losses mount Nasdaq 100 Technical ForecastOutlook: Bearish
Major technology stocks like Apple and Tesla continued to undermine the Nasdaq 100 last week, causing the tech-heavy index to lead losses amongst the major indices. As a result, technical formations have been undone and bears may look to extend recent declines. In the case of the Nasdaq, weakness has allowed for the development of a series of lower-lows and higher-highs, a formation that could see the index extend lower still.
Nasdaq 100 Price Chart: 1 – Hour Time Frame (July 2020 – September 2020)
To that end, the series of successively lower-lows and highs has begun etching out a descending channel that could guide the index lower in the week ahead. Further still, resistance to the topside appears plentiful with an ascending trendline from mid-April around 11,540 and a Fibonacci level near 11,670. These topside barriers will look to keep the Nasdaq contained should risk appetite revive, while support at prior lows around 10,940 may provide a hurdle to cross before bears can drive further south.
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Despite glimmers of resurgent risk appetite, technology stocks continue to appear weak and the technical erosion that has occurred due to the initial reversal may now be a driving force behind any continuation lower. To be sure, the Nasdaq has