10:34 AM · 24 January 2023

Chart of the day - US100 (24.01.2023)

US earnings season is entering a key phase that will see releases from the largest stocks listed on Wall Street. While a bulk of mega-tech reports will be released next week, traders will be offered a glimpse into financials of some well-known tech companies this week. Among this week's highlights, one can find reports from companies like Microsoft (Tuesday, after session close), Tesla and IBM (Wednesday, after session close) or Intel (Thursday, after session close). Having said that, tech heavy indices, like Nasdaq-100 (US100), may see some more action in the coming days and weeks.

Taking a look at US100 chart at D1 interval, we can see that the index climbed to the highest level since December 12, 2022 yesterday and tested the resistance zone in the 12,000 pts zone, marked with 200-session moving average (purple line) and a 23.6% retracement of the downward move started in late-November 2022. Note that the 12,000 pts area has halted upward moves in November and December 2022. This looks to be a good technical spot to launch a pullback. Traders should keep in mind that apart from earnings, the index may also move on major events in the coming days - US Q4 GDP release this Thursday and FOMC rate decision next Wednesday.

Source: xStation5

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