Tech Earnings, Overbought Momentum Challenge Nasdaq & Silver Records
Both silver and the Nasdaq are outperforming historically in 2025, yet silver’s $40 psychological ceiling and the Nasdaq’s 23,500 resistance may temporarily stall further gains as markets brace for key tech earnings and the FOMC meeting this week.
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Key Events to Watch This Week:
- Leading US Economic Indicators: US Advance GDP and FOMC (Wednesday), US Core PCE (Thursday), US NFP (Friday), US ISM PMI (Friday)
- Tech Earnings and Market Sentiment: Microsoft and Meta (Wednesday); Apple and Amazon (Thursday)
- Nasdaq at All-Time Highs, Silver Pulling Back from Decade Highs: Ahead of FOMC decisions and mega-cap tech earnings
From a fundamental standpoint, the strength seen in both tech and silver markets in 2025 may be supported by the structural integration of AI and innovation into global economic agendas. As AI and technology increasingly become the backbone of global infrastructure and development, demand is likely to remain strong.
This backdrop may sustain the broader uptrend across Nasdaq, as a proxy for tech and innovation-driven equities, and silver, given its critical use in tech-related industrial production—both eyeing sustainable record highs.
Key Earnings Estimates:
- Microsoft: $73.79B expected
- Meta: $44.72B expected
- Apple: $89B expected
- Amazon: $169.05B expected
Technical Analysis: Quantifying Uncertainties
Nasdaq Outlook – 3-Day Time Frame – Log Scale
Source: TradingView
Nasdaq is currently holding its bullish momentum at the 23,500 resistance, a key level that coincides with the 0.618 Fibonacci extension drawn from the October 2022 low (10,432), February 2025 high (22,245), and 2025 trough (16,324).
- Bullish Scenario: A sustained break above 23,500 may extend the rally toward 24,300 and 25,500.
- Bearish/Neutral Scenario: A failure to hold above 23,500 could trigger a consolidation or correction toward 23,000, 22,700, and 22,400 before resuming the broader uptrend—or possibly confirming a deeper downturn.
Silver Outlook – Weekly Time Frame – Log Scale
Source: Tradingview
Silver is currently retreating from the $40 psychological zone, the 39.50 high, which aligns with the target of an inverted head and shoulders pattern formed between August 2020 and March 2024.
- Pullback Scenario: In line with weekly overbought momentum as per the RSI indicator, a retracement may target support levels at $37, $36.20, and $35.20 before resuming its broader bullish trend.
- Breakout Scenario: A confirmed close above $40 may open the door to $42, $46, and potentially a move beyond $50.
Written by Razan Hilal, CMT
Follow on X: @Rh_waves
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