Tech Shares Climb Following Nvidia’s Earnings Release
The Nasdaq 100 index (US Tech 100 mini on FXOpen) is showing solid upward movement today, as reflected in the chart. The rally was fuelled by Nvidia’s quarterly results, which comfortably surpassed even the more optimistic forecasts on Wall Street.
The company posted quarterly revenue of $57bn, beating expectations of $54.9bn, while earnings per share reached $1.30 compared with the projected $1.26. CEO Jensen Huang also remarked that demand for the new Blackwell chips is “off the charts”.
Nvidia’s impressive performance has revived risk appetite across the technology sector and assisted ease concerns about a possible bubble forming in the AI space.
Nasdaq 100 Technical Outlook
When examining the hourly chart of the Nasdaq 100 (US Tech 100 mini on FXOpen) two days earlier, we:
→ observed that the previously established ascending channel had widened downwards;
→ proposed that if Nvidia delivered strong results, the bulls might attempt to restore the index’s upward trajectory.
The company’s standout report confirmed the enormous ongoing demand for AI-related infrastructure, giving the tech rally fresh momentum.
From a supply standpoint, potential resistance may arise at:
→ the upper red trendline drawn through the lower highs of November;
→ the 25,400 mark, which had acted as local support before being decisively broken by a large bearish candle.
Conversely:
→ purchaseing interest re-emerged as price approached the 24,400 level;
→ the November pullback may turn out to be a temporary correction before the broader uptrend resumes.
Whether the Nasdaq 100 (US Tech 100 mini on FXOpen) can maintain its positive tone later than Nvidia’s strong earnings will largely hinge on the forthcoming US September employment data, which has been delayed due to the government shutdown.
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