Investors are all eyes and ears on quarterly earnings reports from tech companies this week!
Will these offer opportunities to catch the uptrend on the Nasdaq index?
Here are the nearby correction levels I’m watching.
Nasdaq 100 Index (NAS100) 1-hour Chart by TradingView
Heads up, U.S. equity traders!
This stock index is already testing the top of its ascending channel on the hourly time frame, which means that bulls might be in profit-taking mode.
Besides, it’s the end of the month and we’ve got big-time earnings reports to watch out for.
Apple, Meta, and Alphabet are all scheduled to release their Q4 results this week and might shake things up in the U.S. equity market.
With that, I’m counting on a bit more volatility on the Nasdaq 100 index to generate opportunities to go long at bargain levels.
In particular, I’ve got my eye on the short-term rising trend line that’s been holding since the start of this year. A larger correction could hit the mid-channel area of interest that’s right smack in line with the 100 SMA dynamic support.
The 100 SMA is above the 200 SMA, after all, confirming that the path of least resistance is to the upside or that the uptrend is likely to gain traction.
Also, Stochastic is dipping close to the oversold region to reflect exhaustion among sellers, which means that the correction could be over pretty soon.
In any case, don’t forget to keep tabs on stock market headlines and any major swings in market sentiment if you’re trading this one!
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