Nasdaq 100 macro outlook · updated 12 November 2026
Is the Nasdaq 100 bullish or bearish?
As of 12 November 2026, the Nasdaq 100 scores 54 out of 100 on the WatchTower Terminal macro composite, a neutral read. The Nasdaq 100 carries a neutral macro bias, with a composite score of 53/100. A restrictive central-bank backdrop weighs on equity valuations, while underlying fundamentals remain solid, leaving the two forces broadly offsetting. Speculative positioning sits in mid-range, so neither side looks crowded. Upcoming inflation data could shift conviction on the rate path.
Composite score
54
Neutral
56+ bullish · 45 to 55 neutral · under 45 bearish
Reading of 12 Nov, 09:30 London
What is behind the number.
Current drivers
- Restrictive central-bank policy pressures long-duration technology valuations
- Resilient labour market supports a firmer rate path
- Solid fundamentals partly offset the policy headwind
- Inflation data could reset rate-path expectations
How this score is built
Published weights, not a black box.
Every index is scored on the weights shown here, on the same 0 to 100 scale as every other market, so a 56 here means what a 56 means anywhere else.
- COT level20%
- Earnings20%
- Bank research15%
- Seasonality15%
- Central bank15%
- Fundamentals15%
The rest of the board
Ranked strongest to weakest on the same scale.
About Nasdaq 100
Is Nasdaq 100 bullish or bearish right now?
As of 12 November 2026, Nasdaq 100 carries a neutral macro read, scoring 54 out of 100 on the composite. 56 and above reads bullish, below 45 reads bearish, and the band between is neutral.
What is driving Nasdaq 100?
Current drivers include: Restrictive central-bank policy pressures long-duration technology valuations; Resilient labour market supports a firmer rate path; Solid fundamentals partly offset the policy headwind; Inflation data could reset rate-path expectations.
How is the Nasdaq 100 macro score calculated?
Equity indices run on their own published weights: cot level 20%, earnings 20%, bank research 15%, seasonality 15%, central bank 15%, fundamentals 15%, re-weighted over the inputs an index actually has. 56 and above reads bullish, below 45 reads bearish.
Where can I track Nasdaq 100 in real time?
This page reads it live with no account. In WatchTower Terminal, Asset scores carries the live Nasdaq 100 score and every driver behind it, alongside every G10 currency, metals and global indices, and Asset in full and Score history add the written read and the full history. The terminal is $10 for your first month, then $49 a month, or $490 a year with 2 months free. Cancel from Billing at any time.
Track it live
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Every component and the weight it carries, in Asset scores, with the history of how the score has moved, the positioning behind it and the research it came from. The terminal is $10 for your first month, then $49 a month. Cancel from Billing at any time.