- The Nasdaq 100 set a daily high of 18,243 in the European session. At the beginning of the American session it registered a low at 18,160.
- Alibaba, Sony, Cisco, Walmart and Under Armor will release their reports later this week.
The Nasdaq 100 began the European session setting a daily high at 18,243, while the American session opened lower reaching a low of 18,160. The index established near-term resistance today at 18.215, converging with the 78.6% Fibonacci retracement.
The focus will be on earnings reports and economic data
Investors will be paying attention this week to earnings reports from several companies. Alibaba and Sony will report on May 14, Cisco on May 15, and Walmart along with Under Armor on Friday, May 16.
Jerome Powell, president of the Fed, will give a speech on May 14, the prelude to the CPI report that will be published on May 15. The consensus expects a decrease in headline inflation to 3.4% annually from 3.5%.
Technical levels on the Nasdaq
We see short-term support at 18,160, in confluence with the 50% Fibonacci retracement. The second support is at 18,090, being the low of the May 10 session. The next resistance is located at 18,240, an area that has been rejected on May 10 and 13.
Nasdaq 100 15-minute 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.
