Nasdaq Rally will continue, target 6700

OANDA:NAS100USD   US Nas 100
Since the December stock market crash, the sentiments on long-term economy growth in investment community soured, so much so that pundits asserted that recession would strike US economy in late 2019. The political impasse over government shutdown exacerbate the selloff. After the Fed placated the stock market and business community in Jan 4, with Jarome Powell in his speech showing some resilience on interest rate hike and promising the Fed would be market-sensitive. It appeared that President trump's belief that Fed created market turmoil and uncertainty, at last, mounted pressure in monetary policy . Other good news were supporting this rally as well, that trade talks was reopened and good job statistics is showing the economy and labor market remain robust.

That being said, if there's no major ominous news or statistics indicating the economy is deteriorating , the market will comfortably consolidated and push higher afterward. With respect to OANDA:NAS100USD and NASDAQ:QQQ the key resistance is 6700 , which contained heavy trading volume amid the selloff in December.





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