NASDAQ100 INDEX - Nasdaq100 rebounded on rate cut bets and strong tech earnings. - 08/01/2024 (GMT)

Fundamentals: 
Nasdaq-100 Index (USTEC) surged due to growing expectations that the Federal Reserve might implement a rate cut in September. This anticipation stemmed from a shift in economic indicators suggesting a more dovish monetary policy. Additionally, robust earnings reports across major tech companies bolstered market sentiment, highlighting a resurgence of confidence in artificial intelligence (AI) technologies.
Key contributors to this optimism included Meta Platforms (META), ARM Holdings, and Qualcomm. Meta reported earnings that exceeded forecasts, driven by its innovative use of AI in targeted advertising, which demonstrated the significant impact of AI on marketing efficiency and revenue generation. ARM, known for its semiconductor designs, also surpassed revenue expectations, reflecting strong demand for its technology, which is integral to AI and other advanced computing applications. Qualcomm's earnings beat estimates as well, driven by continued growth in its mobile and semiconductor businesses, further underscoring the expanding role of AI in its operations.The positive results from these companies have reinforced investor confidence in AI technologies, leading to broader market gains. As the focus now shifts, the market eagerly awaits upcoming earnings reports from Apple (AAPL), Amazon (AMZN), and Intel (INTC). These reports are anticipated to provide additional insights into the tech sector's health and future trends, potentially influencing further market movements.

Technicals: 

USTEC surged after a significant bounce from 18750. The index closed above EMAs and 19500, awaiting confirmation of a potential structure shift.If USTEC retraces and stays above 19000, the index may extend its surge to the 20000 psychological level.Conversely, USTEC may fail to shift its structure if the index returns below 19000.