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The Nasdaq 100 is Poised for a Volatile Week as Key Earnings Arrive

The Nasdaq 100 is Poised for a Volatile Week as Key Earnings Arrive

Peter Hanks, Analyst

Nasdaq 100 Price Outlook:

  • The Nasdaq 100 experienced a volatile start to the week, piercing technical support around 11,600
  • Earnings are expected from more than 35% of the companies listed on the S&P 500
  • Key names include Apple, Amazon, Facebook, Google and Microsoft

The Nasdaq 100 is Poised for a Volatile Week as Key Earnings Arrive

The Nasdaq 100 endured a volatile start to the week as soaring covid cases and vanishing hopes of stimulus in the United States worked to undermine risk appetite. In the world of earnings, an abysmal quarter and outlook for Germany’s largest software company, SAP, delivered a sobering report on the technology sector ahead of what is arguably one of the most important periods this year for the Nasdaq 100. To that end, upcoming earnings from the big-tech giants could create significant volatility in the tech-heavy index right ahead of the US Presidential election.

nasdaq 100 price chart

Source: Bloomberg, Refinitiv, Justin McQueen

With that in mind, all of the newly released information, coupled with high expectations and the immense uncertainty around the election, could create the perfect cocktail for serious volatility at a time when the VIX is already elevated. Thus, the environment for predicting directional moves is far from perfect and strategies that capitalize on volatility may be well suited for the current landscape.

nasdaq 100 price chart

Source: Bloomberg, Refinitiv, Justin McQueen

Either way, the Nasdaq is likely to be in the driver’s seat in the week ahead, making the technical levels at play on the chart all the more important. After breaking beneath support at 11,600 on Monday, the next spot at risk appears to be the Fibonacci level around 11,360 which already rejected one attempt lower. Beyond that, subsequent support might reside around 11,200.

Nasdaq 100 Price Chart: 4 - Hour Time Frame (August 2020 – October 2020)

nasdaq 100 price chart

On the other hand, 11,600 may now serve as resistance going forward while secondary levels might reside at 11,782 and 12,044 respectively. As these high profile earnings are released to the market, investors will gain a clearer picture of what to expect on the horizon. Until then, it might be difficult for the Nasdaq to establish a clear-cut trend. In the meantime, follow @PeterHanksFX on Twitter for updates and analysis.

--Written by Peter Hanks, Strategist for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

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

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