S&P 500 And Nasdaq 100 Forecast – Monday, Nov. 20

Nasdaq 100

The Nasdaq 100 fell during the trading session as well, reaching towards the 6300 level. That is an area that I believe continues to be of interest, but we dance around it significantly, and therefore I don't think there's much trouble breaking back down towards the 6250 level. The 6200 level is the support for the market, and move below there would of course signify that we could go down to the 6100 level. I believe that the uptrend is intact if we can stay above the 6000 handle. In other words, we have room for a pullback to build up the momentum necessary to continue the uptrend. Congress passing a tax bill would be a huge boom for this market as well, perhaps being the driver for much higher prices. In the meantime, we may get some type a pullback because of the lack of ability to make that happen.

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