Nasdaq 100 Price Analysis — January 19

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The Q4 earnings season is at hand, with many Wall Street firms set to report their results this week. By next week, major American banks and the FAANG stocks (Facebook, Apple, Amazon, Netflix, and Google) should have all dropped their earnings report, which is expected to shake things up for the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones (DJIA).

Investors will be looking at the fundamental details to assess Corporate America’s performance in the winter when a second wave of the coronavirus hit the economy.

That said, analysts are very optimistic about the Q4 earnings, with an estimated EPS decline for the quarter up at -8.8% from -12.7% recorded at the end of September 2020.

In other news, despite the prevailing headwinds, the recent $1.9 trillion stimulus proposition by President-elect Joe Biden to dampen the effect of the virus-induced economic crisis has bolstered hopes for reflation. Also, the gradual rollout of COVID-19 vaccines across the globe could hasten the global economic recovery and the normalization of business activities in the medium term.

Meanwhile, base metal and crude oil prices have climbed to a multi-month high, setting good precedence for the recovery outlook.

The cycle-linked energy, materials, financials, and industrials sector have all been on an upward trajectory since the end of last year, extending a sectoral rotation from the tech industry.

Nasdaq 100 (NDX) Value Forecast — January 19

NDX Major Bias: Bullish

Supply Levels: 12900, 12966, and 13000.

Demand Levels: 12793, 12650, and 12500.

The NDX has just seen a major correction to the 12793.00 support and has hit the base of our ascending channel, indicating that we could see a strong rebound to the upper-13000 area in the coming hours and days, as the market resume from the long weekend and public holiday. That said, the 12966.00 resistance might prove a tough nut to crack and could stall the NAS100’s ascent in the meantime.

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