NASDAQ Composite Posts New All-Time Highs

Posted Friday, November 27, 2020 by
Shain Vernier • 1 min read

Black Friday is turning out to be another decent session for U.S. equities, led by big tech. Halfway through the trading session, the DJIA DOW (+2), S&P 500 SPX (+4), and NASDAQ (+94) are all in the green. The big movers for the NASDAQ have been in the biotech sector. In fact, the NASDAQ Biotechnology Index (NBI) is up 2.75% on the session. Key bullish moves have been posted by Sorrento Therapeutics (+16%), Novavax (+22%), and Moderna (+15%).

Today’s U.S. economic calendar is vacant as most reports were bumped up to Wednesday. However, Monday features several key events. The scheduled OPEC meeting and release of the Chicago Purchasing Managers’ Index (Nov.) highlight the action. 

Also, if you’re taking open positions into the weekend, be aware that U.S. courts are currently hearing multiple lawsuits against alleged voter fraud. While any vote counts being overturned is currently a longshot, cases are active in Pennsylvania, Georgia, Michigan, and Wisconsin. If we see a surprise judgment in favor of Trump, extreme volatility is possible on Monday’s open.

December E-mini NASDAQ futures are currently on the bull. New all-time highs are in view as risk is back in style.

December E-mini NASDAQ Approach Record Highs

While the NASDAQ Composite is trading at new highs, December E-mini NASDAQ futures are lagging a bit. However, prices are in bullish territory and moving higher.

December E-mini NASDAQ Futures (NQ), Daily Chart
December E-mini NASDAQ Futures (NQ), Daily Chart

Overview: The key level to watch in this market is the All-Time High (12,444.75). In fact, there is a Double Top Pattern (12,444.75 – 12,408.00, not pictured) set up on the daily chart. Should this area be taken out in the coming days, a swift run at 13,000 is extremely likely to open December.

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