Nasdaq Rides High on Tech Earnings Buzz
Technical Analysis
On the 4-hour chart, the Nasdaq-100 is flexing its muscles, maintaining bullish momentum and hitting its initial target at 20,625.79. This breakout underscores a strong trend, showing the market's appetite for pushing higher. The index is trading above both its short-term (20,348.36) and long-term (20,439.23) moving averages—a solid uptrend signal. Sitting in the upper half of the Bollinger Bands, the index is showing plenty of volatility and momentum to keep climbing.
Holding steady above the key level of 20,560.70, we're eyeing the next targets at 20,708.59, 20,800.00, and a stretch goal of 20,947.89.
Conversely, if the index slips below 20,560.70, we could see a pullback, potentially targeting the next support at 20,321.40—the previous key low.
Key Events to Watch
All eyes are on earnings reports from Microsoft and Meta dropping later today. Traders will be dissecting these numbers for clues on how the tech sector is holding up amidst rising interest rates. Also on the radar are the ADP Employment Change report and U.S. GDP growth data coming out on Wednesday—key pieces that could sway the Nasdaq-100 and the greenback alike.
On the 4-hour chart, the Nasdaq-100 is flexing its muscles, maintaining bullish momentum and hitting its initial target at 20,625.79. This breakout underscores a strong trend, showing the market's appetite for pushing higher. The index is trading above both its short-term (20,348.36) and long-term (20,439.23) moving averages—a solid uptrend signal. Sitting in the upper half of the Bollinger Bands, the index is showing plenty of volatility and momentum to keep climbing.
Holding steady above the key level of 20,560.70, we're eyeing the next targets at 20,708.59, 20,800.00, and a stretch goal of 20,947.89.
Conversely, if the index slips below 20,560.70, we could see a pullback, potentially targeting the next support at 20,321.40—the previous key low.
Key Events to Watch
All eyes are on earnings reports from Microsoft and Meta dropping later today. Traders will be dissecting these numbers for clues on how the tech sector is holding up amidst rising interest rates. Also on the radar are the ADP Employment Change report and U.S. GDP growth data coming out on Wednesday—key pieces that could sway the Nasdaq-100 and the greenback alike.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.