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Nasdaq 100 is rejected at all-time highs in line with the S&P 500

  • The Nasdaq 100 set a new all-time high at 18,668 during the American session, being rejected and reaching a low at 18,571.
  • Walmart and Baidu released their earnings reports exceeding expectations.
  • Loretta Mester expects progress in inflation, but at a slower rate than last year.

The Nasdaq 100 has managed to reach an all-time high of 18,668 today. However, it has been a session with low volume and a narrow trading range. Currently, the index is oscillating around 18,600, with no significant changes from the previous day.

Walmart and Baidu surprise with their earnings report

Walmart Inc (WMT) reported revenue of $161.5B versus an expected $159.45B, trading at 64.25 +4.47 (+7.40%). Similarly, Baidu Inc (BIDU) had revenues of 31.51 B dollars in contrast to the 31.43 B dollars expected by the consensus, trading at 112.82 +2.11 (+1.90%). Loretta Mester, CEO of the Federal Reserve Bank of Cleveland, mentioned that the current restrictive policy has helped reduce inflation, although she hopes that labor market conditions will improve. It is important to note that Mester will be retiring at the end of June.

Technical levels on the Nasdaq

The closest resistance is at 18,620, given by the 50% Fibonacci retracement and pivot points. The next resistance is at 18,668 all-time high reached today. The next support is at 18,500, a closed number in convergence with the 1,618 Fibonacci extension.

Nasdaq 100 15-minute chart

Source: Fx Street

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