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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

​​NASDAQ 100 touches three-month high ahead of Netflix earnings​

The NASDAQ 100 has continued to claw back its losses from the summer, and looks strong ahead of Netflix earnings this week.

US trading Source: Adobe images

NASDAQ ​​​100 scales further highs

​The index of the 100 biggest US tech stocks, the NASDAQ 100, has continued to make headway so far in October, shrugging off the US inflation reading last week.

​Overall the index looks set to push higher, supported by the forecast for strong earnings from the Magnificent 7. As a group, these seven mega-cap names are expected to see earnings growth of 19% for the third quarter (Q3).

​NASDAQ 100 – IG client sentiment overview

​As the most popular market on the IG platform, it is worth looking at how IG clients are trading the NASDAQ 100. At present clients are 67% long, with buyers dominating in the lower three timelines, though since the beginning of the month we have seen a preponderance of sellers:

​IG sentiment chart

IG sentiment chart for NASDAQ 100 Source: IG
IG sentiment chart for NASDAQ 100 Source: IG

​NASDAQ 100 technical analysis – bulls in a strong place as Q4 gets underway

​The NASDAQ 100 suffered a ‘summer swoon’ in July and August, as enthusiasm for tech stocks waned after a very strong run from the lows of October.

​Early July finally saw a real correction take place, wiping almost 17% off the index and taking it to its lowest level since the end of April. Notably, however, the price held above the previous 16,970 high from late December 2023.

​Since then, the price established a higher low in September above the 200-day simple moving average (SMA), and used this as a springboard to rally. Late September saw some brief weakness but this was countered with more buying pressure in early October.

​Further gains now target the previous highs from July at 20,760.

​NASDAQ 100 chart​​

NASDAQ 100 chart​​ Source: ProRealTime
NASDAQ 100 chart​​ Source: ProRealTime

This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

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