Macro approach:
The Nasdaq 100 (USTEC) began Jun with strong momentum after its best monthly performance since 2023, fueled by robust tech earnings and a brief lull in tariff concerns.
- However, renewed US-China trade tensions resurfaced early in the week, briefly weighing on sentiment before a market rebound restored cautious optimism.
- Nvidia (NVDA) surged due to the continued demand for AI chips. At the same time, Tesla (TSLA) drew investor focus ahead of its 12 Jun robotaxi launch, helping maintain positive momentum in the face of geopolitical uncertainty.
Technical approach:
- USTEC is now testing the previous swing high near 218000, staying above both EMAs, a sign of ongoing bullish strength.
- A clear break above 21800 would likely open the path toward the record-high zone near 22200.
- Failure to do so may trigger a pullback toward the nearest support of around 20700.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
The Nasdaq 100 (USTEC) began Jun with strong momentum after its best monthly performance since 2023, fueled by robust tech earnings and a brief lull in tariff concerns.
- However, renewed US-China trade tensions resurfaced early in the week, briefly weighing on sentiment before a market rebound restored cautious optimism.
- Nvidia (NVDA) surged due to the continued demand for AI chips. At the same time, Tesla (TSLA) drew investor focus ahead of its 12 Jun robotaxi launch, helping maintain positive momentum in the face of geopolitical uncertainty.
Technical approach:
- USTEC is now testing the previous swing high near 218000, staying above both EMAs, a sign of ongoing bullish strength.
- A clear break above 21800 would likely open the path toward the record-high zone near 22200.
- Failure to do so may trigger a pullback toward the nearest support of around 20700.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
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I’ve taken a break from my public community engagements to focus on raising my three kids, but I'm rediscovering my passion for working again. Stay connected, as I plan to return and rejoin my old communities with a lot of new skills one day soon.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.