Nasdaq 100 hits new all-time high boosted by Illumina and Walgreens Boots

• The Nasdaq 100 hit a new all-time high at 20,641, following Jerome Powell’s remarks before the House of Representatives.
• Illumina (ILMN) is up 6.59%, along with Walgreen Boots (WBA) which is up 4.26% on the day.
• Investors are gearing up for the start of the second-quarter earnings season.

The Nasdaq 100 posted a daily low during the European session at 20,460, finding buyers that pushed the index to a new all-time high at 20,641. Currently, the Nasdaq 100 is trading at 20,630, gaining 0.88%, on the day.

Nasdaq 100 hits new all-time highs boosted by Illumina and Walgreens Boots

The Nasdaq 100 technology index has set a new all-time high at 20,641, buoyed by Illumina shares trading at $113.71, up 6.59%. In the same vein, Walgreen Boots is trading at $11.22, up 3.94%, today.

Investors are gearing up for second quarter earnings reports from companies such as Tesla, Microsoft, Alphabet, Amazon, Meta Platforms and Apple, scheduled for the last week of July. The sector that is generating the most expectations is the Information Technology sector, made up of companies such as NVIDIA and AMD.

Technical levels on the Nasdaq 100

The first support we see is at the 9-period Moving Average located at 20,403, in confluence with the 78.6% Fibonacci retracement. The second support is at 20,060, a round number that converges with the 50% Fibonacci retracement. The closest resistance is the 161.8% Fibonacci extension at 21,400.

Nasdaq 100 4-hour chart