Nasdaq 100 at Fresh Record High on US-France Digital Taxation Deal

Nasdaq 100 started the session higher on stronger earnings reports and as investors reassessed the risk of the coronavirus outbreak in China and other countries in the region. Meanwhile there are over 550 coronavirus cases confirmed around the globe and 17 deaths. Optimism on a deal for digital taxation between France and USA helps investors the sentiment

InvestingCube's S&R Levels

NAS100

NAS100 (11324.8)

In Profit

STOP

SELL

TP1

11478

TP2

11338

The United States Chicago Fed National Activity Index came in at 0.56, topping forecasts of -0.3 in December. The Existing Home Sales Change (month over month) came in at 3.6% beating the forecasts of 1.2% in December. The U.S. Redbook Index jumped from previous -0.2% to 0% in January 17.

In corporate earnings, Netflix (NFLX), reported healthy revenue and global net subscriber growth. IBM released better than expected earnings for the 4Q.

Read our Best Trading Ideas for 2020.

Nasdaq Index Technical Outlook

Nasdaq trades 0.52% higher at 9,418 as the bulls after a short break yesterday started the session today with one more all-time high. Investors are in “buy the dip” mood and all the pullbacks considered a buying opportunity.

On the upside, immediate resistance for the index stands at 9,433 the daily high. Next resistance level to the upside for bulls to watch is the 9,500 psychological figure.

On the flip side, Nasdaq 100 index initial support will be met at 9,406 today’s low. Next support for the index stands at 9346 the low from yesterday. While more offers might emerge at 9,157 the low from January 10th.

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