Nasdaq price suffers considerable one day drop of over 150 points after disappointing market data and Afghanistan turmoil Covid case rises and vaccination sluggishness are still a concern for investors with Fed Chair Powell stating ‘no return to pre-pandemic economy’ More bearish sentiment expected at least for short term The Nasdaq price took a considerable downturn yesterday after rather disappointing market data showing retail sales quite sluggish. The NDX100 was down a sharp 150+ points at closing bell from a an intraday high of 15145 to a close of 14987. The picture does not look too rosy for the rest of the week either. The continued turmoil in Afghanistan as the Taliban takes over and a frantic rush to escape the country have definitely spooked investors. Until some clarity is achieved, the stock market will likely be volatile although this may also provide opportunities for tech stocks to beat the negativity. The rise in Covid19 cases across several parts of the US South has also become something of a worry for the economic re-opening. This is another drag on the markets at present. Fed Chair Powell was also rather circumspect in his view of the economy’s performance and that did have a negative effect on the Nasdaq price. He said that there will be no return to the pre-pandemic economy and that the current situation is far from ideal with unemployment still high. If you want to start trading forex have a look at this Trading Forex For Beginner’s Guide Short Term Prediction For Nasdaq price: More instability and bearishness expected Get FREE Forex Signals Now! Although the Nasdaq price has been in a consistent ascending channel over the past few weeks, the recent turmoil in the international scene has affected its rise. Some lukewarm retail results have also put a damper on the economic recovery. The FOMC minutes later today should also provide some guidance on the inflation situation. At present, the Nasdaq price is recovering slightly from yesterday’s drop and is up by around 0.2% to 15006. This appears to be a neutral movement with the market cautiously watching the international situation. A bullish thesis will see the Nasdaq price continue ascending to the 15100 level but this does look unlikely at this stage. If the bearish situation continues, the Nasdaq price could continue dropping and start testing the 14900 level. There appears to be strong support there and this price point should hold fairly well. If you haven’t started trading forex yet, then you should review these Top Forex Brokers. Long Term Forecast For US100: Still Bullish Although Some Pitfalls Remain Although the long-term forecast for the Nasdaq price remains pretty bullish, there are some pitfalls that may be bumpy on the way. The continued uncertainty over Afghanistan and the general situation regarding Covid19 may continue to be a drag on the stock market. Large tech conglomerates have also issued profit warnings for the second half of the year which could also affect the long-term positive movement of the NDX100. The general sentiment does remain bullish but also cautious. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Gerald Fenech Gerald Fenech Freelance journalist and writer with over ten years experience in forex and fintech writing. Specializes in crypto and blockchain View All Post By Gerald Fenech Forex Industry share Read Next UK CPI Inflation: July Pullback is Prelude to Higher Price Rises Ahead Gary McFarlane 1 year Nasdaq price suffers considerable one day drop of over 150 points after disappointing market data and Afghanistan turmoil Covid case rises and vaccination sluggishness are still a concern for investors with Fed Chair Powell stating ‘no return to pre-pandemic economy’ More bearish sentiment expected at least for short term The Nasdaq price took a considerable downturn yesterday after rather disappointing market data showing retail sales quite sluggish. The NDX100 was down a sharp 150+ points at closing bell from a an intraday high of 15145 to a close of 14987. 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