NAS100 Supported as Big Tech Earnings Offset Banking Fears

  • NAS100

NAS100 Analysis

Fears around the health of the banking sector creeped back in this week, after First Republic disclosed massive deposit outflows in the first quarter and NAS100 came under pressure as a result.

However, the earnings report by Big Tech, offset fears over the financial system, helping the tech-heavy index. NAS100 got a boost right after Alphabet & Microsoft posted strong results and caught another bid after Meta Platforms returned to revenue growth.

NAS100 has been consolidating right on the verge of a bull market, as markets contemplate elevated inflation and the Fed's policy path. They keenly await Friday's PCE Inflation update and next week's Fed decision, which will likely determine the next leg of the move.

NAS100 faces headwinds and breached the critical EMA200 (black line) yesterday, which creates risk for a decline towards the broader 12,420-12,320, but there multiple support levels from that point on. On the other hand, it manages to defend the EMA200, which keeps bulls at the driver's seat. It also maintains the 2023highs (13,238) in their corsairs, but they don't inspire confidence at this point for further advance that would challenge 13,724.

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Nikos Tzabouras

Senior Financial Editorial Writer

Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.

With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.

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