Nasdaq Rising Ahead of Key Tech Names Reporting

Tech Earnings in FocusQ3 US earnings season continues today, and we have a couple of big names in the tech sector to keep an eye on. Along with Spotify, which will be closely watched on the back of 5 consecutive quarters of weaker growth, both Alphabet and Microsoft report today. Ahead of the market open today we’re seeing both stocks trading a little higher. The pull back in US yields over the last 24 hours has seen risk appetite improving somewhat and should yields continue to move lower today, we can expect this current dynamic to keep stocks supported across the tech sector.Alphabet & Microsoft DueIn terms of the numbers for today, Alphabet is forecast to post Q3 EPS of $1.45 on revenues of $76.02 billion which would mark an uptick on both metrics compared with the prior quarter. Microsoft is forecast to post Q3 EPS of $2.654 on revenues of $54.523 billion. Unlike Alphabet, if confirmed these figures will reflect a small downturn against the prior quarter’s results. However, given the weaker expectation there is plenty of room for upside in Microsoft if results come in above forecasts today. Broadly speaking, both stocks should remain well supported (provided there are no heavy downside surprises) so long as USD remains pressured, reflected in a higher Nasdaq price through the day.Technical ViewsNasdaqPrice action in the index is at an important juncture here. Following the breakdown below the bull channel, price is now testing key support at the 14544.9 level. With momentum studies bearish and price framed by a corrective bear channel, a break lower here opens the way for a test of 13782.3 below. To the topside, 15177.5 is the level bulls need to overcome to negate bearish risks.