News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
More View more
Real Time News
  • USD/CAD trading at May 2015 levels. One swing-low lies below, otherwise not much else to look at. Get your $USDCAD market update from @PaulRobinsonFX here:
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: US 500: -0.01% Wall Street: -0.02% FTSE 100: -0.50% Germany 30: -0.53% France 40: -0.62% View the performance of all markets via
  • NZD/USD approaches the monthly high (0.7305) as a growing number of Federal Reserve officials warn of a transitory rise in inflation. Get your $NZDUSD market update from @DavidJSong here:
  • Lumber futures prices have dropped by ~26% since the intraday top was put in on May 10th:
  • #Oil Price Forecast: #Crude Oil Rally at Risk as $WTI Stalls at Resistance -
  • Fed's Quarles: The economy is recovering, but is not yet fully recovered
  • DXY Index now trades in the red year-to-date after falling -4% from its March peak. Get your market update from @RichDvorakFX here:
  • Banxico's Espinosa: - Economic recovery may require changes to monetary policy - Banxico may have to raise rates before the Fed
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 0.22% Gold: 0.14% Oil - US Crude: -0.08% View the performance of all markets via
Nasdaq 100 Price Forecast: Semiconductor Stocks Look to Micron Earnings

Nasdaq 100 Price Forecast: Semiconductor Stocks Look to Micron Earnings

Peter Hanks, Strategist

Nasdaq 100 Price Forecast:

  • The Nasdaq 100 clawed its way back above technical resistance on Wednesday after impeachment fears pressured it to the lowest level Since September 3
  • On the back of encouraging trade war comments from US President Trump, risk appetite recovered
  • Like Nike’s earnings on Tuesday, Micron’s quarterly report due Thursday may offer valuable trade war insight and could sway the entire Nasdaq

Nasdaq 100 Price Forecast: Semiconductor Stocks Look to Micron Earnings

As markets grapple with fluctuating impeachment odds for President Trump, risk appetite has reacted accordingly. While initially bearish, Wednesday’s price action would suggest market participants are comfortable with the political landscape and will again turn to factors like monetary policy, trade wars and corporate earnings. That said, Thursday will see the release of valuable insight for both trade war-watchers and volatility seekers with Micron (MU) scheduled to reveal its quarterly earnings.

Deriving more than 55% of total sales from China, Micron is particularly vulnerable to the US-China trade war. Further, the company sourced 13% of their revenue from Huawei in the first half of the year – an entity that has been blacklisted by the United States. In June, however, Micron CEO Sanjay Mehrotra revealed the company found a workaround to a subset of their Huawei-bound exports and was able to handily beat their quarterly expectationswhich saw MU shares surge. That said, MU investors will be eager to see if Micron executives were able to work another miracle and successfully combat the headwinds brought about by the US-China trade war.

MU Stock Price Earnings Report Implied Move

Either way, the event is poised to be a volatile one. With an earnings implied volatility of 8.16%, MU shares could swing as high as $53, or as low as $45. Further, implied volatility heading into Thursday’s report is above the average move for Micron after earnings - slightly below 7% - which could suggest heightened uncertainty. In turn, a strong showing could give rise to improved sentiment for the trade war-battered semiconductor stock.

Micron Stock Price Chart: Daily Time Frame (November 2016 – September 2019)

MU Price Chart Micron Technology Technical Analysis

A bullish reaction could see bulls drive MU shares above nearby resistance that resides slightly beneath $51 and coincides with recent highs. Such a move would allow the stock to target secondary resistance around $53.75 in the event of a bullish follow-through. If, on the other hand, Micron executives are unable to navigate the perils of the US-China trade war, MU shares may look to revisit nearby support at the $46.50 and $45 levels – but longer-term sentiment would likely be dealt a damaging blow.

Given the stock’s implied volatility and presence in the semiconductor sector, a significant move either way could work to sway the entire Nasdaq. If there is any indication the semiconductor market is suffering from demand concerns or over-supply, expect MU peers to undergo a bearish price reassessment with the Nasdaq likely to follow. Until then, follow @PeterHanksFX on Twitter for further updates and analysis.

--Written by Peter Hanks, Junior Analyst for

Contact and follow Peter on Twitter @PeterHanksFX

Read more:Dow Jones Forecast: Nike Earnings to Deliver Trade War & Retailer Insight

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.