US 100 – Tech Earnings and the Fed to Stress Test the RallyUS Tech 100 IndexPEPPERSTONE:NAS100PepperstoneWhile the on-going conflict in Iran may have put some speed bumps in the way to slow the pace of the rally in the US 100 from its recent low of 22774 on March 31st up to its latest all time high of 27424 yesterday morning, it really ended up just giving fresh opportunities for traders that may have missed the move to buy any pullbacks. Now, with the US 100 index trading around 27256 at the time of writing (0645 BST), traders may need to prepare for a critical 48 hours of event driven price action. The first hurdle to negotiate is the release of the latest Federal Reserve interest rate decision at 1900 BST tomorrow. They are expected to keep rates unchanged, meaning the focus could be on the signals provided in the accompanying statement and from Chairman Powell in the press conference (1930 BST) about the direction of interest rates in the months ahead. Economists have predicted that the recent surge in energy prices is likely to have taken rate cuts off the table and could even lead to rate hikes through 2026. Insights into this view could have a big impact on the direction of the US 100, given that historically tech/growth stocks are sensitive to changes in market interest rate expectations. If that wasn’t enough when the Fed press conference finishes, Microsoft, Meta, Alphabet and Amazon are due to release their latest earnings, followed by Apple on Thursday (after close). Given that a major reason for the 20% rally in the US 100 through April has been a surge in these mega tech stocks, what their earnings highlight regarding AI driven revenue, cloud storage and future spending on high tech infrastructure could be critical to where the US 100 moves into the weekend. Technical Update: Do New All-Time Highs Bring Fibonacci Extension Levels Into Play? From the March 31st low (22774) into the April 27th high (27424) the US 100 index has rallied around 20% in an almost uninterrupted period of price strength. Crucially, this advance has produced closing breaks above the previous resistance band between 26224/26277, an area defined by the January 28th 2026 and October 30th 2025 highs, meaning 27424 now stands as the new all‑time high for the index. Breaks to new all‑time highs or lows can often be challenging periods for traders, as uncertainty develops over whether the move can extend further in the direction of the break or whether, after a sustained price run, over‑extended conditions may increase the risk of a corrective move. As such, they could be searching out potential key support and resistance levels to monitor as the week progresses. Potential Resistance Levels: A previous all‑time high may often be a key resistance focus for traders, as sellers have emerged at this level before and succeeded in capping price strength, meaning they may be able to do so again. With that in mind, the latest all‑time high at 27424 could act as the first resistance point, and how this level is defended on a closing basis may be worthwhile watching this week. With any move to new all‑time highs, price action enters uncharted territory, making it more difficult to identify the next meaningful resistance levels. This is where Fibonacci extension levels can be useful in highlighting potential upside levels. Using the January 28th to March 31st sell‑off as the reference move, the 38.2% extension comes in at 27508. While a closing break above the current all time high at 27424 does not guarantee further price strength, it could shift focus toward 27508, then 28232, which is the 61.8% extension, as the next potential resistance levels. Potential Support Levels: It has already been a sustained period of price strength, and it could be argued that over‑extended upside conditions are now in place. If so, prices may be exposed to the risk of a correction as a reaction to the latest advance. As the chart below shows, first key support might now stand at 26878, a level that is equal to Friday’s session low trade. If price weakness is set to develop, it may well require closing breaks below 26878 to increase the probability of a deeper correction. Such a move could then open scope for further price weakness toward 26416, which is the 38.2% retracement of last week’s range, and if that level were also to give way, moves could extend toward 26103, which is the deeper 50% retracement, possibly even 25789, the 61.8% level. The material provided here has not been prepared accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. 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