Week Ahead: NAS100 set for Wednesday night fever?

1. Tesla Q2 earnings — Wednesday July 22

Tesla delivered 480,000 vehicles in Q2 - 25% more than a year ago and well ahead of expectations. The delivery story is strong. Now comes the hard part.

Are those deliveries profitable? Automotive gross margins are the number to watch - any pricing pressure could offset the volume beat entirely.

Beyond the numbers: investors want answers on the robotaxi timeline. Tesla has missed its own autonomy targets three earnings reports in a row. At some point, "coming soon" stops working as an answer. Musk needs something credible on Cybercab and Optimus — or the stock won't get credit for anything.

Markets are forecasting a 5.8% move, either up or down, for Tesla stocks post earnings which make up roughly 3.6% of the NAS100 weight.

• Beat on margins + credible robotaxi update = TSLA surges
• Miss or more delays = delivery beat gets ignored

2. Alphabet Q2 earnings — Wednesday July 22

Same evening. Same stakes. Analysts expect EPS of $2.94 - up 27.0% year-on-year. Alphabet has beaten estimates eight consecutive quarters. The bar is high.

The story is Google Cloud - up 63% year-on-year in Q1, faster than Azure and AWS, with a record $462 billion backlog. Can that growth rate hold in Q2? Any deceleration spooks investors regardless of the headline number.

The other watch: capex. Alphabet has committed $180–$190 billion for 2026. Wednesday is where investors find out if that's generating returns or just burning cash.

Markets are forecasting a 4.8% move, either up or down, for Alphabet stocks post earnings which make up roughly 10.7% of the NAS100 weight.

• Beat on Cloud + margin expansion = NAS100 breaks toward 30,000
• Capex disappointment = tech sentiment sours fast

3. US-Iran tensions - the wildcard nobody can ignore

The US intensified strikes against Iran this week, hitting an oil tanker near the country's main export terminal. Iran fired back at US bases in Kuwait and Jordan. The Strait of Hormuz remains dangerously unstable.

Every escalation headline: oil higher → inflation higher → Fed hike bets → tech headwinds.

Even a perfect earnings night doesn't fully insulate the NAS100 from this one.

4. Technical picture

The NAS100 has been bouncing within a tight range since mid-June - support at 28,850, resistance at 30,750. Wednesday breaks it. One way or the other.

Key levels: 28,300 | 50-day SMA | 30,000 | 30,762 ATH

• Bull case: Break above 30,750 opens the door to all-time highs
• Bear case: Loss of 28,850 exposes 28,200 and the 50-day SMA