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.
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.