This week is crucial for the US Nasdaq 100 with major tech earnings and the Federal Reserve's monetary policy decision. Technical analysis indicates a potential bullish acceleration.
Chart of the week: NASDAQ
This week is likely to be a pivotal moment for the US Nasdaq 100 CFD Index (a proxy of the Nasdaq 100 E-mini futures) as four mega-cap technology firms will report their Q2 earnings results; Microsoft and Meta Platforms on Wednesday, 30 July (after US close), Apple and Amazon on Thursday, 31 July (after US close). These four component stocks of the Nasdaq 100 collectively have a significant combined market cap weightage of around 36%.
In addition, the US Federal Reserve will announce its latest monetary policy decision, followed by a press conference on Wednesday, 31 July. Thereafter, US labour market data for July will be out on Friday, 1 August.
Fig 1: US Nasdaq 100 CFD Index medium-term trends as of 28 Jul 2025 (Source: TradingView)
Let’s now examine the movement of the US Nasdaq 100 CFD Index from a technical analysis perspective.
Since 17 July, the price actions of the US Nasdaq 100 CFD Index have broken above the upper boundary of the long-term secular ascending channel from the March 2020 low.
In addition, the 4-hour RSI momentum indicator has printed out a series of “higher lows” and held above the 50 level by a parallel ascending trendline support. It has not flashed out any bullish divergence condition at this juncture.
These observations represent a bullish acceleration condition on the US Nasdaq 100 CFD Index. Watch the 22,920 key medium-term pivotal support (also the 20-day moving average), and a clearance above 23,460 sees the next medium-term resistances coming in at 23,820 and 24,164/24,220 (upper boundary of a medium-term ascending channel from 19 June, and Fibonacci extension cluster levels).
However, a break below 22,920 negates the bullish tone, kickstarting a minor corrective decline sequence to expose the next supports at 22,670, and 22,413 (also close to the 50-day moving average).
