By ForexTime
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:
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
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