Nasdaq’s Record Run at Resistance Levels

Nasdaq 100 futures experienced a rise of 0.9%, while S&P 500 futures saw a gain of 0.5%. Netflix shares notably surged over 9% in premarket trading, fueled by the company's announcement of adding over 13 million subscribers in the fourth quarter. Verizon Communications Inc. also saw a significant climb of over 6%, leading as the top percentage gainer in both the S&P 500 and Dow. This increase was attributed to the telecom giant's Q4 revenue exceeding estimates and a promising annual profit forecast.

In the semiconductor sector, chip stocks such as Nvidia, Advanced Micro Devices, and Intel witnessed gains ranging between 1.4% and 2.2%. This upward trend followed the European chip-making equipment maker ASML Holding's announcement of fourth-quarter earnings surpassing expectations and recording their best-ever quarterly orders.

Investor focus is also on the latest S&P Global's flash readings of the Purchasing Managers Index (PMI), as the resilient U.S. economy and uncertainties regarding the timing of a rate cut have led to a reassessment of investment strategies.

The Nasdaq, alongside other major indices, continues its momentum, setting new records. Notably, the Nasdaq has reached a new resistance level at the Fibonacci 0.618 retracement, signaling a potential for a continued rally. Given the strong quarter earnings and the performance of key players, referred to as the 'magnificent seven', along with other economic data, there is an anticipation of further upward movement in the Nasdaq, pointing towards higher target prices.