Nasdaq 100 Shrugs Off Google’s Antitrust Lawsuit to Break Losing Streak
Investors on the Nasdaq 100 seem not to be bothered by the latest antitrust brought against one of the tech giants on the index, Google. The DoJ is suing the Alphabet company for alleged improper and unfair practices that secured its market positioning against its competition.
There has been some pushback from Google and other tech companies, who all accuse the US government of using strong-armed tactics to get the companies to do its bidding, in a possible veiled reference to the recent moves on TikTok and Huawei.
Investors probably have their minds elsewhere, as the focus is entirely on the stimulus negotiations and the upcoming US elections. Several Nasdaq companies will also be releasing earnings.
Technical Outlook for Nasdaq 100
Today’s upside move interrupts five straight days of losses on the Nasdaq 100. The bounce on the 11608.5 support has allowed buyers to make a move towards the 11820.4 resistance level. A break above this level targets 12003.6. However, only a break above 12250 enables the Nasdaq to push towards all-time highs at 12467.8.
On the flip side, a drop below the ascending trendline support and the 11608.5 horizontal support allows the price to drop towards 11176.3, with 10866.5 also forming potential support if the decline extends below the 11,000 mark.