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Nasdaq 100 Rebound On Bargain Hunting With An Eye on Coronavirus Spread

nasdaq 100 futures
nasdaq

Nasdaq 100 started the session higher as investors trying to shift the attention from the coronavirus story to the corporate earnings and the fundamentals of the U.S. economy. Markets are still nervous trying to asses what will be the impact of the   coronavirus spread around the world.

Earlier today, the December Durable Goods Orders came in at 2.4%, beating the expectations of 0.5%. The Durable Goods Orders ex Defense came in at -2.5% below the forecasts of 0.5%, while the Durable Goods Orders ex-Transportation figure registered in at -0.1% below the estimates of 0.2%. The S&P/Case-Shiller Home Price Index came in at 2.6% beating the forecasts of  2.4% in November. The Richmond Federal Manufacturing Index came in at 20 topping the estimates of 9 in January.

Apple (AAPL) earnings will be released after the markets close and will have a major impact in Wall Street. This week will also get quarterly reports from the technology giants Amazon (AMZN), AMD and Facebook (FB).

Read our Best Trading Ideas for 2020.

Nasdaq Index Technical Outlook

Nasdaq trades 1.36% higher at 9,262 as traders jumped in for some bargain hunting  after the two days of sharp losses.

On the upside, initial resistance for the Nasdaq 100 index stands at 9,264 the daily top. Next resistance will be met at 9360 the high from January 16th. The all-time high from January 24th at 9439 is the next strong supply zone.

On the downside, first support for the index will be met at 9,182 today’s low. Next critical support area stands at 8943 the low from January 6th. More offers might emerge at 8,897 the 50-day moving average.