Nasdaq Higher Ahead of Next Tech EarningsThe Nasdaq continues its attempted recovery this week with price testing back above the 17693.37 level, having bounced off support at the 16982.40 level. The index has suffered in recent weeks as a hawkish shift in Fed expectations has pushed USD higher. Additionally, some downside in big tech names has also weighed on sentiment with Netflix, Tesla and Meta all moving lower on the back of their reported Q1 earnings. Looking ahead today, Amazon and PayPal will be the next big tech names to report earnings with Nasdaq bulls hoping for some strong results to help carry the index higher. FOMC on WednesdayAcross the rest of the week, there is plenty of bearish risk for the Nasdaq, however. The FOMC tomorrow is likely to see the Fed reiterating its message that rates will remain at elevated levels for as long as necessary. The market is currently pegging September as the likely start date for projected rate cuts. However, this pricing might start to weaken if we hear a hawkish message from the Fed tomorrow. NFP on FridayFollowing the FOMC tomorrow, focus will then turn to the latest US jobs data due on Friday. Recent labour market updates have continued to surprise to the upside, creating further pushback against near-term rate cut expectations. Forecasts for Friday are for a drop in the NFP with wages and unemployment rate to stay the same. If we see further upside, however, this will no doubt weigh on Nasdaq near-term. Technical Views NasdaqThe correction lower in the Nasdaq has stalled for now into a test of the 16982.40 level with price since bouncing back above 17693.37. With momentum studies turning higher, focus is on a fresh test of YTD highs at 18406.68 while we hold above current support. 
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