Nasdaq 100 hits near three-month highs buoyed by Arm Holdings and Marvell Technology

  • The Nasdaq 100 gains 0.82% today, reaching highs not seen since July 15.
  • Arm Holdings (ARM) shares rose 6.84%, marking a streak of nine consecutive sessions on the rise.
  • Marvell Technology (MRVL) registers a capital gain of 4.96%, reaching highs of a month and a half.

The Nasdaq 100 hit a daily low of 20,252, attracting buyers who took the index to a high not seen since July 15 at 20,497. At the time of writing, the Nasdaq 100 is trading above 20,440, up 0.85% at the end of the day.

Arm Holdings and Marvell Technology drive Nasdaq 100 to near three-month highs

Arm Holdings shares register a gain of 6.84% on the day, reaching highs not seen since July 24 to trade at $164.82

On the other hand, Marvell Technology (MRVL) rises 4.96%, reaching highs not seen since August 30, trading at $77.68 at market close.

The Nasdaq 100 has reached highs not seen since July 15, approaching its all-time high at 20704, recorded on July 11.

Technical levels on the Nasdaq 100

The Nasdaq 100 maintains the bullish trend after reacting upwards at a support located at 20,005, given by the low of October 9. The next key support level is at 19,644, the October 1 pivot point.

To the upside, we see the key resistance at 20,754, given by the historical maximum reached on July 11. The Relative Strength Index is at 65.49, above the midline of 50, maintaining buying pressure in the short term.

Nasdaq 100 4-hour chart

Source: Fx Street

You may also like