The Nasdaq 100 index is up marginally on the day as shares of Intel jumped in pre-market following better-than-expected Q3 2019 earnings figures.
Shares of Intels are up 1.59% in pre-market trading to 53.82, as the company posted earnings per share of $1.42, which beat market estimates of $1.24. The company has also raised its full year revenue forecasts after a jump in revenue from $18.05 billion to $19.19 billion.
Intel shares helped boost shares of other chipmakers such as NVIDIA and Micron Technology, thus completing a generally good earnings season for chipmaker shares which have taken the brunt of the US-China trade woes.
However, the downside was provided by Amazon, which fell by 7% in after-hours trading Thursday after it reported earnings which failed to meet estimates for the first time in 2 years. Amazon reported earnings per share of $4.23 against expected earnings of $4.62 per share.
So far, the Nasdaq index is ignoring Amazon and getting impetus from the chipmaker shares.
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Intraday Outlook for Nasdaq
The performance of Intel and that of other chipmakers has led to a positive start this Friday on the Nasdaq 100.
So far, intraday resistance has been provided by the central pivot of 7932.03. Critical support lies at the 7888.77 price level (S2 pivot), which is the site of a previous high of 18 September as well as 11th and 15Th October. This price level is expected to act in role reversal and form the first obstacle to further downside action. A break below this level opens the door to 7817.37, which is the low price for October 14, 18 and 23. It is also the site of previous highs of September 25 and October 1.
On the flip side, a break above 7932.03 opens the pathway to previous resistance at 7960. Above this level, new all-time highs are attainable.Download our latest quarterly market outlookfor our longer-term trade ideas.
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