NAS100 poised for new all-time high?
<p><strong>By <a href="http://investmacro.com/contributors/contributor-profile-forextime/">ForexTime</a> </strong></p>
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<li><span lang="EN-US" xml:lang="EN-US">NAS100 waits for big tech earnings<br />
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<li><span lang="EN-US" xml:lang="EN-US">Microsoft & Alphabet in focus<br />
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<li><span lang="EN-US" xml:lang="EN-US">Index bullish but RSI overbought </span></li>
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<li><span lang="EN-US" xml:lang="EN-US">Key levels of interest at </span><span lang="EN-US" xml:lang="EN-US">17306.2 & 17650.4</span></li>
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<h3><span lang="EN-US" xml:lang="EN-US">The NAS100 is set to make significant moves over the next few days as 5 of the so-called “Magnificent 7” tech titans report quarterly earnings. </span></h3>
<p><span lang="EN-US" xml:lang="EN-US"><strong>Microsoft and Alphabet</strong> kick-off updates after US markets close on Tuesday to an incredibly busy week for US equities. </span></p>
<p><span lang="EN-US" xml:lang="EN-US"><strong>On Thursday, Apple, Amazon, and Meta</strong> are scheduled to publish their latest results. </span></p>
<p><span lang="EN-US" xml:lang="EN-US">When factoring the <strong>Fed decision </strong>mid-week and the <strong>US jobs report on Friday,</strong> this could be a pivotal week for the index. </span></p>
<p><span lang="EN-US" xml:lang="EN-US">With advancement in Artificial Intelligence fueling growth in the Magnificent 7 companies, a bullish earnings guidance could be on the cards. </span></p>
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<h3><em><span lang="EN-US" xml:lang="EN-US">This may influence NAS100 bulls – those looking to see the index move higher.</span></em></h3>
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<p><em>NOTE: This new NAS100 index tracks the underlying benchmark Nasdaq 100 index.</em></p>
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<p><span lang="EN-US" xml:lang="EN-US"><strong>Technically speaking, </strong>NAS100 is in a sideways range formed over the last 7 trading days.</span></p>
<p><span lang="EN-US" xml:lang="EN-US">At the time of writing, it is testing the resistance zone of this range.</span></p>
<p><span lang="EN-US" xml:lang="EN-US">The <strong>Relative strength index </strong>(an indicator that highlights overbought and oversold zones) reveals that NAS100 is overbought.</span></p>
<p><span lang="EN-US" xml:lang="EN-US">NAS100 bulls will be looking for a strong close above the<strong> channel at 17650.4</strong>, with their eyes set no new highs above the all-time high of<strong> 17686.8.</strong></span></p>
<p><span lang="EN-US" xml:lang="EN-US">Bears (those looking to see the index decline) on the other hand will see a miss in earnings as an opportunity to test the range’s support zone at <strong>17306.2.</strong></span></p>
<p><span lang="EN-US" xml:lang="EN-US">A strong close below the range support zone may see the index test the following support levels</span></p>
<h3><span lang="EN-US" xml:lang="EN-US">· 17105.1: The 21-Exponential Moving Average (EMA)</span></h3>
<h3><span lang="EN-US" xml:lang="EN-US">· 17008.8: The upward-sloping trendline drawn from the October 26th low</span></h3>
<p><img loading="lazy" decoding="async" class=" lazyloaded" src="https://www.forextime.com/s3-static/users/user17/NAS100Daily%201.png" alt="" width="1000" height="800" data-entity-type="file" data-entity-uuid="9efeaa0b-db7a-40ca-b859-07f85990c9e4" data-src="/s3-static/users/user17/NAS100Daily%201.png" /></p>
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<p><img loading="lazy" decoding="async" class="size-full wp-image-54242 alignleft" src="https://www.investmacro.com/articles-analysis/wp-content/uploads/2014/07/Forex-Time-Logo.png" alt="Forex-Time-Logo" width="262" height="90" /><strong>Article by <span><a href="https://www.investmacro.com/contributors/contributor-profile-forextime/">ForexTime</a></span></strong></p>
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