Chart of the day - US100 (10.10.2025)

During the last session of the week, the US100 is attempting to resume its advance, trading 0.12% higher and resisting the narrative around a potential correction in technology stocks as well as uncertainty in the labour market.

• The equity market is entering earnings season, with results from U.S. tech giants due at the end of the month (Microsoft, Meta Platforms, and Alphabet on 29 October; Apple and Amazon on 30 October). As a result, volatility on the Nasdaq may be elevated, and investors will scrutinise the numbers to judge whether the “AI rally” has run ahead of valuations or whether the market’s growth momentum justifies historically elevated multiples.
• Investors will watch not only the upcoming macro data—seeking evidence of ongoing resilience in the U.S. economy—but also trade relations between Beijing and Washington. In Korea, Donald Trump is set to meet with Xi, and recent signals from both countries regarding export restrictions and mutual oversight of businesses appear to be a test of strength aimed at securing a better position ahead of a final trade agreement.

The technical picture for the US100 looks constructive: the index is moving within an upward price channel and is currently “stuck” around the middle of that range near 25,300 points. Key supports are the 50-day EMA (orange line), which defines short-term momentum, and the 200-day EMA (red line), which has acted as support several times in recent weeks. 25,000 points appears to be the key level to hold. A potential Fed rate cut on 29 October would be a positive signal for the US100.

Source: xStation5