US Tech 100

After starting the day well in the green, the major US indices were coming under a bit of pressure again at the time of writing, with investors unable to shake off the recent turmoil impacting financial markets. For now, the Nasdaq 100 forecast remains mildly bearish after the recent breakdown. More evidence of a bottom is needed to excite the bulls again even if there is a sense of calmness observed in price action over the past two days or so.

Watch for an NDX close either above the 18,400 level (which could come as soon as today) or a close below the 200-day MA near 17,800 to tip the odds in one direction or another.

Following the big tech-fuelled rally on Wall Street, the major US indices fell back, with the Nasdaq 100 being down about 2.5% at the time of writing. We had a number of weaker-than-expected US economic reports, in particular the ISM services PMI, while mixed technology earnings results and a more hawkish Federal Reserve and Bank of England policy decisions (and not forgetting the Bank of Japan), all weighed on risk appetite.

Today's gains were largely driven Nvidia’s 11% surge, as beaten-down chipmakers rallied. Meanwhile, softer economic data further boosted bets that the Fed will signal a rate cut in September, with the potential for two more cuts being priced in before the year is out. The Nasdaq 100 forecast remains bullish from a technical point of view with the index holding above a key bullish trend line.

The Nasdaq 100 is bouncing off 50-day EMA support – key resistance looms at 20K, with support at 18,900 and 18,400.

The Nasdaq 100 is in a precarious technical position after breaking below a near-term bullish trend line and slipping below the 20K level ahead of Magnificent Seven earnings.

At the start of a new quarter, seasonality and holiday trade create the type of environment where US stock indices could easily add to recent gains. But with signs of fatigue creeping in after such a strong rally, are we due a pullback?

Judging by the bullish price action on stocks such as Amazon (AMZN), Alphabet (GOOG). Nvidia (NVDA) and Tesla (TSLA), I wouldn’t bet against another tech-fuelled rally. Among these, the key stock that needs to hold up is Nvidia given how much of an influence it has on the Nasdaq 100.

Nvidia is expected to report $5.18 in EPS on $22.9B in revenue, but the company’s outlook for the rest of the year will be even more significant for the Nasdaq 100 as a whole.

Jobless claims rose more than expected, providing fresh evidence of a cooling US labour market and helping to support the view that the Federal Reserve is going to cut rates by around September. Nasdaq 100 technical analysis remains positive for now.

The Dow Jones, S&P 500, and Nasdaq 100 all recaptured key technical levels, carrying a bullish bias to the coming week.

It was a come back type of week for stocks, even with another hot inflation report. But next week brings the Fed and markets are still holding on to hopes for 2024 rate cuts.

The DJIA, S&P 500, and Nasdaq 100 all look vulnerable to more downside as long as this week’s highs hold.

Tech earnings optimism underpins recovery for now, but markets still remain vulnerable. US bond yields remain elevated ahead of a record $70 billion sale. Nasdaq 100 technical analysis shows index is testing key resistance.

The Nasdaq 100 is finally showing signs of breaking down from its 2-month sideways range between about 17,800 and 18,400 ahead of the Magnificent Seven stocks' earnings reports.

The S&P 500 extends losses to third week amid raised geopolitical risks and rising bond yields. Concerns over the escalation of the situation in the Middle East is at the forefront of investors’ minds. The situation remains volatile with Israel seeking revenge for Iran’s retaliatory attacks on Saturday.

US indices are seeing diverging performance, with the DJIA looking relatively weak and the Nasdaq 100 uptrend remaining healthy.