This Week: Can NAS100 stay above 18k?

• NAS100 now testing 18,000 psychological level for critical support
   
• April 22nd: Tesla earnings due after US markets close; stock could move 8% up/down after
   
• April 23rd: IBM earnings due after US markets close; stock could move 7.1% up/down after
   
• April 24th: Alphabet earnings due after US markets close; stock could move 5.4% up/down after
   
• 21-day SMA to offer initial resistance; fear-inducing earnings outlooks could drag NAS100 to 17k

NAS100 has re-entered a key battleground.

At the time of writing, this tech-heavy stock index is testing the 18,000 big, round number for initial support.

This 18k price region has been a key battleground between bulls and bears for much of this month (April 2025) so far.

Of course, President Trump's erratic policies will arguably remain the primary driver for global financial markets this week.

This could be especially the case as the macro-economic data releases calendar remains relatively light, and it remains to be seen whether Big Tech earnings can punch through:

Monday, April 21

• Europe markets closed for Easter Monday
• CN50 index: China loan prime rates
• USDInd: Chicago Fed President Austan Goolsbee appears on CNBC

Tuesday, April 22

• NZD: New Zealand March trade balance
• AUD: Australia April PMIs
• TWN index: Taiwan March exports and unemployment
• EU50 index: Eurozone April consumer confidence
• NAS100: Tesla earnings
• XAUUSD: IMF world economic outlook; speeches by Fed Governors Philip Jefferson and Adriana Kugler, Philadelphia Fed President Patrick Harker, Minneapolis Fed President Neel Kashkari, Richmond Fed President Tom Barkin

Wednesday, April 23

• SG20 index: Singapore March CPI
• TWN index: Taiwan March industrial production
• JP255 index: Japan April PMIs
• EUR: Eurozone April PMIs; February trade balance
• GBP: UK April PMIs; BoE Governor Bailey speech
• Brent, Crude: US-Iran "expert level" nuclear talks
• USDInd: Speeches by US Treasury Secretary Scott Bessent, Chicago Fed President Austan Goolsbee, St. Louis Fed President Alberto Musalem, Cleveland Fed President Beth Hammack, Fed Governors Christopher Waller and Adriana Kugler
• US30 index: Boeing earnings; US April PMIs, Fed Beige Book

Thursday, April 24   

• GER40 index: Germany April IFO Business Climate
• UK100 index: UK April consumer confidence
• NAS100: US weekly initial jobless claims; Alphabet, Intel earnings 

Friday, April 25

• JPY: Japan April Tokyo CPI
• UK100 index: UK March retail sales

Watchlist:

• Tuesday, April 22nd: Tesla Q1 Earnings

This stock is down 40% year-to-date, with investors already aware of its 13% drop in vehicle deliveries for the period, posting its worst such figures since Q2 2022.

Markets are set to be more concerned about how the EV maker will weather President Trump's tariffs, and perhaps more importantly, whether Elon Musk will remain at the Department of Government Efficiency (DOGE).

If this company, with a market cap of US$776.4 billion, stokes concerns surrounding trade-war risks, as well as further brand damage from Musk's DOGE involvement, that could drag the NAS100 index closer to the 17k mark.

As for Tesla's own share price, it's forecasted to move 8%, either up or down, when US markets resume trading on Wednesday, April 23rd.

• Thursday, April 24th: Alphabet Q1 Earnings

The share prices of YouTube's and Android’s parent company have already dropped 20% so far this year, bringing its market value to about US$1.8 trillion.

Alphabet's shares could move a further 5.4% up or down when US markets reopen on Friday, April 25th - after this tech giant's earnings release after US markets close Thursday.

Most of the market's questions will be whether Alphabet's AI efforts can withstand the challenging macroeconomic climate in light of President Trump's erratic policy rollout.

A bright spark that even briefly revives the AI-mania could help NAS100 return to its 21-day simple moving average (SMA).