Plato Data Intelligence.
Vertical Search & Ai.

NAS100 – Big Tech Remains in Focus Even as Microsoft and Alphabet Fail to Provide a Boost – MarketPulse


  • Alphabet disappoints on the cloud
  • AI boosts Microsoft
  • Major test of support for NAS100

It hasn’t been the most thrilling session so far on Wednesday but there is plenty still to come over the next couple of days which could see activity pick up.

Earnings from Microsoft and Alphabet could have been the catalyst that kicked things off this week but the contrasting results appear to have left investors wondering which way to turn.

The clear difference maker was AI which gave Microsoft the edge and a strong start to trading today. Alphabet is a little behind the curve and that’s come at an early cost for its cloud business which, unlike Microsoft, saw slower growth.

It goes to show how much emphasis investors are putting on the cloud and AI that Alphabet overall reported stronger than expected revenue and earnings but has been punished with shares falling in early trade.

There’s still a lot more to come over the next couple of days including earnings from Meta later today and Amazon tomorrow, as well as the ECB rate decision on Thursday and US inflation data on Friday. There’s still plenty of time for fireworks, yet.

[embedded content]

NAS100 testing key support once more

The NAS100 has turned lower again on Wednesday after those reports and ahead of more to come this week.

NAS100 Daily

Source – OANDA on Trading View

It remains above key support around 14,500 currently but only just. A move below here could be a very bearish development with it having been a solid area of support over the last few months.

It would represent a break of a descending triangle, at which point the next obvious key level falls around 13,500-14,000 from the 200/233-day simple moving average band. But given the size of the triangle, a breakout could be a more bearish signal again.

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at [email protected]. Visit to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Craig Erlam

Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.

Craig Erlam

Craig Erlam

Latest posts by Craig Erlam (see all)


Latest Intelligence


Chat with us

Hi there! How can I help you?