FTSE 100, S&P 500 and Nasdaq 100 expected to stabilise ahead of Nvidia Q4 earnings
FTSE 100, S&P 500 and Nasdaq 100 expected to stabilise ahead of after hours Nvidia Q4 earnings which are likely to determine the indices’ short-term trend.
FTSE 100 tries to recover from this week’s low
The FTSE 100 tries to bounce further off this week's 8,614 low but needs to better Wednesday's intraday high at 8,738 in order to revisit its 18 February high at 8,788.
Slips may find support between the 21 to 24 February lows at 8,690 to 8,661.
S&P 500 bounces off key support
The S&P 500 briefly dropped to a five-week low at 5,909, near its 5,912 early February low, before bouncing back.
Tuesday's high at 5,996 needs to be exceeded on a daily chart closing basis for the daily bullish hammer formation to be confirmed. In this case the 55-day simple moving average (SMA) at 6,007 is expected to be overcome with the 6,050 region being next in line.
Nasdaq 100 awaits Nvidia Q4 earnings
The Nasdaq 100 has declined for five straight days amid souring sentiment but may try to stabilise ahead of Nvidia's fourth quarter (Q4) after-hours earnings.
A fall through Tuesday's 20,928 low would likely engage the early February low at 20,885 ahead of the major 20,769-to-20,533 support zone which comprises the December-to-January lows.
Minor resistance sits at Monday's 21,303 low ahead of the 55-day SMA at 21,516.
The mid-January to current February lows at 5,923-to-5,909 are expected to offer support.
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