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$4.3B Nasdaq-100 Forced Buy Hits a 3% Float Stock

$4.3B Nasdaq-100 Forced Buy Hits a 3% Float Stock

TradingKey – Shares of Space Exploration Technologies (NASDAQ: SPCX) at $160.96 are still holding above its triple bottom support area and above an upward trending on the 2 hour price chart. The RSI reading of 49.55 is neutral and is ready to either go up or down. The SPCX will be added to the Nasdaq 100 before the market opens on July 7th which means the passive fund managers will have to buy the stocks today. The QQQ alone could be buying up to $4.3 Billion worth of SPCX stocks while the total Nasdaq 100 and other Russell index tracking funds could buy up to $27 Billion worth of SPCX. Since only 3% to 5% of its shares are available to the public trading, the rebalance in the index could create an unusually tight supply demand…

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