The Nasdaq index sets a new record driven by ‘Trump Trade’
Expectations for a ‘Trump Trade’ are rising, with Wall Street increasing its target for the S&P500; index next year. Notably, there is widespread optimism about Tesla's stock. Bank of America has raised its price target for Tesla from $265 to $350, now the highest on Wall Street, exceeding Morgan Stanley's target of $310. Additionally, the Fed cut interest rates by 25bp as expected, but the impact on the market was minimal since this was already factored into prices.
USTEC broke its previous high again and soared to 21130. The index breached the ascending channel’s upper bound, sending a clear bullish signal. If USTEC sustains its uptrend and breaches the resistance at 21300, the index may gain upward momentum toward a new high of 21600. Conversely, if USTEC returns its gains, breaking the channel’s upper bound, the index may fall further to 20700.
