Nasdaq 100 selling correction has likely run its course – JP Morgan
During the late-US session on Tuesday, JP Morgan’s head of macro quantitative and derivatives research Marko Kolanovic crossed wires via Bloomberg. The analyst turns bullish on the Nasdaq 100 equity index while spotting the recent tiring of selling positions.
Key quotes
The tech-led selloff that sent the Nasdaq 100 lower has likely run its course.
Now we think the selloff is probably over.
Positioning is low. We got a little bit of a purge, so we think actually market can move higher from here.
Systematic or quantitative investors, including trend-following funds like commodity trading advisers (CTAs), sold into the selloff.
FX implications
Nasdaq managed to rise over 1.0% by the end of Tuesday’s trading but the futures are consolidating gains around 11,410, down 0.30%, by the early Tuesday morning in Asia. The analysis suggests a further strengthening of the market sentiment gauge.
Reprinted from FXStreet，the copyright all reserved by the original author.
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