Earlier, we noted signs of optimism in the Nasdaq 100 index (US Tech 100 mini on FXOpen) as the market anticipated earnings reports from major tech firms.
Now, companies such as Alphabet (GOOGL) and Tesla (TSLA) have already released their results (we previously covered their charts → here and here). Up next are the most highly anticipated earnings reports: this week, tech giants including Microsoft (MSFT), Amazon (AMZN), Meta Platforms (META), and Apple (AAPL) are set to publish their results. The combined market capitalisation of these four companies exceeds $11 trillion, and their reports could have a significant impact on a stock market that is already showing strong bullish sentiment:
→ The Nasdaq 100 index (US Tech 100 mini on FXOpen) has climbed to an all-time high, surpassing the 23,400 mark.
→ The signing of trade agreements between the US and Europe (and earlier, Japan) has eased concerns about the negative impact of tariff barriers.
Technical Analysis of Nasdaq 100 (US Tech 100 mini on FXOpen)
The chart supports growing signs of optimism: earlier in July, the price remained within a rising channel (marked in blue). However, towards the end of the month, price action has begun to follow a steeper upward trajectory (marked in purple).
What could happen next? Much will depend on the earnings results and forward guidance from these tech giants.
On the one hand, continued enthusiasm around AI adoption could accelerate further growth. The stronger the optimism, the more fuel it may add to discussions around a potential bubble — with some analysts already drawing parallels to the dot-com era of the early 2000s.
On the other hand, earnings could temper market excitement and prompt a correction. For example, the index may retreat to the support level around 23,020, which is reinforced by the lower boundary of the blue trend channel.
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