- First quarter reporting continues, Disney and Reddit will release their results this week.
- The correlation with the S&P 500 remains high, investors show special interest in technology companies.
- The technology index is less than 500 points from its all-time high of 18,464 reached on March 21.
The Nasdaq 100 opens the week positively, emulating the S&P 500. The index has just reached new 21-day highs of 18,013 points, showing a clear upward trend.
After Amazon and APPLE released their earnings reports on April 30 and May 2, respectively, this week it will be the turn of companies like Disney and Reddit, which will make their reports public on May 7.
Nasdaq 100 and S&P 500 maintain a high correlation
The Nasdaq is trading at three-week highs, matching the action of the S&P 500, which just hit its highest level since April 15. Companies such as Meta, Amazon, Netflix, Alphabet, NVIDIA and Microsoft are part of both indices. The movements of your stocks, as well as your financial reports, are capable of influencing the Nasdaq 100 and the S&P 500. This is one of the main reasons why the correlation of the S&P 500 is greater in the Nasdaq 100 than in the Dow Jones .
Levels to consider in the Nasdaq 100
The Nasdaq 100 reacted strongly on April 19 at 16,975, finding buyers and taking the index to 18,013 today. The first target is resistance at 18,200 confluence with the 78.6% Fibonacci retracement level. The next target is the all-time high of 18,464.
Nasdaq 100 daily chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
