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9:53 AM · 21 November 2023

Chart of the day - US100 (21.11.2023)

Wall Street indices launched the new week on a positive footing, with all major US benchmarks trading higher on Monday. Tech sector indices led gains, with Nasdaq and Nasdaq-100 (US100) jumping over 1%. Gains were fuelled by solid performance of Microsoft (MSFT.US) and Nvidia (NVDA.US), which finished yesterday's trading at fresh record highs. News of Sam Altman from OpenAI moving to Microsoft pushed the company's stock higher, while gains on Nvidia can be explained with potential positioning for another strong earnings report. Nvidia is set to report quarterly earnings today after close of the Wall Street session.

Taking a look at US100 chart at D1 interval, we can see that the index jumped above 16,000 pts resistance zone yesterday. Index is now trading over 13% above late-October lows. While recent gains have been very quick and steep, US100 is yet to realize the full range of a textbook breakout from the bearish channel. This would require a move to 16,320 pts mark, or around 1.5% above current market price. Note that all-time highs for the index can be found just slightly above, in the 16,500-16,600 pts area.

Source: xStation5

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