My outlook for the NASDAQ 100 E-mini Futures for the week of 13 April 2020. I blend both technical and Fundamental analysis for my trades.
Comment:
Weekly Outlook for April 13
Fundamentals
1. Optimism over the spread and fight against Coronavirus.
The US recorded the highest number of deaths in a day, today .Over 2000+ deaths. It also recorded the lowest number of cases in a day since the pandemic begun. This according to Dr Anthony Fauci, a member of the White House Coronavirus Task Force and the director of the National Institute of Allergy and Infectious Diseases shows a flattening of the Coronavirus curve and a good sign in the fight against the deadly virus. This undoubtedly clears the dark cloud cast on the fight against coronavirus.
2. Possible cure for Coronavirus underway. Gilead Sciences has retrieved data from patients tested with it's maiden coronavirus cure that was created some months ago. The data analysed showed tremendous efficacy rate of the drug. More units are being produced awaiting clearance after further tests are performed. While more data will be retrieved within the week to further assess the efficacy of the drug, it's current analysis provide a robust and encouraging recovery rate amongst critically ill COVID19 patients. This brings hope and optimism to many traders and investors on Wallstreet. (Bullish)
3. Wall Street is bullish on the top 10 stocks that has the most weight in the NASDAQ 100 index. As shown in the net positions and sentiment in top Wall Street traders portfolio, it is expected that stocks will continue to rally this week. (Bullish)
4. Plans by the White house to reopen the US economy. It's expected that the US economy will be reopened by 1 May 2020 after weeks of lockdown in the wake of the Corona crisis. This is highly feasible as more positive signs emerge over the weekend such as the positive reports on the drug that cures critically ill patients and the anticipated bullish rally in stocks.
Technical outlook
Monthly - Strong rejection on bullish monthly trendline
Weekly - Strong bullish momentum after a wickfil to the downside on the major support area/ monthly bullish trendline. Doji on a support, signifying possible change in momentum to bullishness. Bullish engulfing after a week of indecision.
Daily - Price rejecting on key supply zone/ resistance zone.
Verdict: I anticipate a possible gap on the open of the NASDAQ 100 E- mini Futures today to the upside because of the current optimism in the market.
I also anticipate a week of bullishness, should all optimism remain as it is, without any new negative developments. A break above the current strong area of Resistance will be a great opportunity to be Long.
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Fundamentals
1. Optimism over the spread and fight against Coronavirus.
The US recorded the highest number of deaths in a day, today .Over 2000+ deaths. It also recorded the lowest number of cases in a day since the pandemic begun. This according to Dr Anthony Fauci, a member of the White House Coronavirus Task Force and the director of the National Institute of Allergy and Infectious Diseases shows a flattening of the Coronavirus curve and a good sign in the fight against the deadly virus. This undoubtedly clears the dark cloud cast on the fight against coronavirus.
2. Possible cure for Coronavirus underway. Gilead Sciences has retrieved data from patients tested with it's maiden coronavirus cure that was created some months ago. The data analysed showed tremendous efficacy rate of the drug. More units are being produced awaiting clearance after further tests are performed. While more data will be retrieved within the week to further assess the efficacy of the drug, it's current analysis provide a robust and encouraging recovery rate amongst critically ill COVID19 patients. This brings hope and optimism to many traders and investors on Wallstreet. (Bullish)
3. Wall Street is bullish on the top 10 stocks that has the most weight in the NASDAQ 100 index. As shown in the net positions and sentiment in top Wall Street traders portfolio, it is expected that stocks will continue to rally this week. (Bullish)
4. Plans by the White house to reopen the US economy. It's expected that the US economy will be reopened by 1 May 2020 after weeks of lockdown in the wake of the Corona crisis. This is highly feasible as more positive signs emerge over the weekend such as the positive reports on the drug that cures critically ill patients and the anticipated bullish rally in stocks.
Technical outlook
Monthly - Strong rejection on bullish monthly trendline
Weekly - Strong bullish momentum after a wickfil to the downside on the major support area/ monthly bullish trendline. Doji on a support, signifying possible change in momentum to bullishness. Bullish engulfing after a week of indecision.
Daily - Price rejecting on key supply zone/ resistance zone.
Verdict: I anticipate a possible gap on the open of the NASDAQ 100 E- mini Futures today to the upside because of the current optimism in the market.
I also anticipate a week of bullishness, should all optimism remain as it is, without any new negative developments. A break above the current strong area of Resistance will be a great opportunity to be Long.