Nasdaq 100 Pushing Towards All-Time Highs On Earnings Data

The Nasdaq 100 index has opened the week on a resounding note and is trading at 8105.10 presently. It is now targeting a close at all-time highs, spurred on by a deluge of earnings results that will be released after markets have closed. Alphabet, the parent company of Google, is expected to release its Q3 earnings to the market with a market expectation of $12.42 earned per share. The stock is currently up 1.87%. The Nasdaq 100 was also boosted by the surge of AT&T shares, which are currently up nearly 4.5% after reporting better than expected earnings per share of 94 cents (albeit with a revenue miss). The company’s stock is also benefiting from the proposed sale of its stake in Central European Enterprises Ltd to investment firm PPF in a cash-only deal worth $1.1billion.

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Technical Outlook for Nasdaq 100

Nasdaq 100 is approaching the 8113.30 resistance level. A break above this level could open the door to 8194.50 (R3 pivot). Failure to break this critical resistance could lead to a pullback and retest of 8071.70 (R1 pivot).

At present levels, Nasdaq 100 is already at all-time highs, but needs a sustained close above 8040 to maintain this status. Further impetus for an upward push could come from US-China trade headlines, with President Donald Trump already hinting that a deal for Phase 1 of the recently held US-China trade talks could be signed earlier than expected. Traders would be watching to see how the new deal benefits chipmaker stocks on the Nasdaq 100.Download our latest quarterly market outlook for our longer-term trade ideas.