After Google’s earnings report crushing analysts expectations, the whole markets were lifted lead by NASDAQ. Higher than expected ad revenues are driving others like Facebook up for top notch delivery on their earnings after the bell today.
NASDAQ turned full bullish this morning with a gap up and full momentum sending upwards, fully broke the resistance of recent high around 8700 and looking to get back to all time high pre COVID-19 at around 9750.
Hourly chart showing plenty of room in all indicators to move up from here with this strong momentum, RSI bounced off near 40 at yesterday low heading towards 70 this morning. MACD on hourly crossing up bullish, however the volume must be noted here we are moving again on weak volume.
Althouth technically NASDAQ 100 looks bullish however this is a run created by Google’s earnings beat and traders entering anticipating good earnings for MSFT, FB and likes of others. If the other mega caps do not deliver there is a good chance the sell off gets triggered. Even if they deliver good results and gap up, there is a good chance of sell the news since the run up started before earnings anticipating good results.