Nasdaq Composite extends six-day winning streak ahead of Tesla and Alphabet earnings

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Sholanke Dele

21.07.2025

Nasdaq Composite extends six-day winning streak ahead of Tesla and Alphabet earnings — Nasdaq closed last week 1.48% higher

The Nasdaq Composite Index closed last week higher by 1.48%, marking its sixth consecutive daily gain and another week of record highs.

Each trading day closed in bullish territory despite intraday fluctuations, showing persistent investor demand throughout the week. On the final trading day, the index briefly touched a new all time high at 20,980 before settling lower at 20,895, reflecting a typical Friday retracement following a strong week.

- Nasdaq closed last week 1.48% higher after six straight daily gains

- Monday RSI stands at 73 suggesting overbought conditions yet at last year’s extreme

- This week’s key earnings including Tesla and Alphabet may push Nasdaq toward 21,500.

Investor sentiment continues to be supported by positive earnings surprises. Last week’s earnings releases from major U.S. firms lifted market confidence and drove futures to fresh highs. The positive earnings environment looks set to continue this week as major names like Tesla, Alphabet, Intel, IBM, Coca-Cola, GM, and Blackstone prepare to release their results. This anticipated flow of earnings updates has already triggered a mild upside in Monday’s pre-bell trading, where the Nasdaq pointed 0.05% higher.

Nasdaq price dynamic (Nov 2024 - July 2025). Source: Tradingview

Technically, the strength of the current rally is reflected in the RSI reading. As of Monday, the Nasdaq Composite RSI stands at 73, a level not seen since July last year when the index’s RSI nearly hit 80 before triggering a sharp 16% decline. While the current RSI points to overbought conditions, it is still moderately below last year’s peak, indicating room for additional upside before reaching extreme territory.

Nasdaq holds near record high as lack of geopolitical risk fuels focus on earnings

Adding to this bullish case is the lack of fresh geopolitical tension, allowing earnings results to take centre stage. This calm backdrop provides a favourable setting for market participants to remain focused on corporate fundamentals.

Despite the Nasdaq composite recently crossing into overbought RSI territory above 70, the broader index has not seen a slowdown in its ascent. This divergence supports the view that the tech-heavy Nasdaq may still have more room to extend its rally.

Given the positive earnings backdrop and relatively moderate RSI, the Nasdaq Composite Index could now be eyeing the 21,500 level as its next upside target. If earnings results this week meet or exceed market expectations, it could provide the trigger for another leg higher. However, traders will also be watching closely for signs of exhaustion as the index approaches these uncharted price levels.

Nasdaq Composite rose after Trump denied the Powell firing rumour. Nasdaq Composite bounced near the 4-hour 20 EMA and closed at a new high of 20,730.

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