By ForexTime
- NAS100 waits for big tech earnings
- Microsoft & Alphabet in focus
- Index bullish but RSI overbought
- Key levels of interest at 17306.2 & 17650.4
The NAS100 is set to make significant moves over the next few days as 5 of the so-called “Magnificent 7” tech titans report quarterly earnings.
Microsoft and Alphabet kick-off updates after US markets close on Tuesday to an incredibly busy week for US equities.
On Thursday, Apple, Amazon, and Meta are scheduled to publish their latest results.
When factoring the Fed decision mid-week and the US jobs report on Friday, this could be a pivotal week for the index.
With advancement in Artificial Intelligence fueling growth in the Magnificent 7 companies, a bullish earnings guidance could be on the cards.
This may influence NAS100 bulls – those looking to see the index move higher.
NOTE: This new NAS100 index tracks the underlying benchmark Nasdaq 100 index.
Free Reports:
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Technically speaking, NAS100 is in a sideways range formed over the last 7 trading days.
At the time of writing, it is testing the resistance zone of this range.
The Relative strength index (an indicator that highlights overbought and oversold zones) reveals that NAS100 is overbought.
NAS100 bulls will be looking for a strong close above the channel at 17650.4, with their eyes set no new highs above the all-time high of 17686.8.
Bears (those looking to see the index decline) on the other hand will see a miss in earnings as an opportunity to test the range’s support zone at 17306.2.
A strong close below the range support zone may see the index test the following support levels
· 17105.1: The 21-Exponential Moving Average (EMA)
· 17008.8: The upward-sloping trendline drawn from the October 26th low
Article by ForexTime
ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com
- Today, investors’ focus is on the PCE Price Index inflation report Apr 26, 2024
- Gold price recovers amid uncertain US economic outlook Apr 26, 2024
- This “Bullish Buzz” Reaches Highest Level in 53 Years Apr 26, 2024
- FastSpring and EBANX Forge Partnership to Expand Pix Payments for Digital Products in Brazil Apr 25, 2024
- Target Thursdays: NAS100, Robusta Coffee, USDCHF Apr 25, 2024
- QCOM wants to create competition in the AI chip market. Hong Kong index hits five-month high Apr 25, 2024
- Japanese yen hits all-time low as BoJ meeting commences Apr 25, 2024
- TSLA shares rose on a weak report. Inflationary pressures are easing in Australia Apr 24, 2024
- USDJPY: On intervention watch Apr 24, 2024
- Euro gains against the dollar amid mixed economic signals Apr 24, 2024