Trump Exempts Electronics from Tariffs; Nasdaq 100 Opens with Bullish Gap

Despite the weekend, the news flow remained intense amid the escalating trade war. According to media reports:

→ Certain tech products, including those made by Apple, have been exempted from Trump’s tariffs.
→ Trump announced he would make a significant statement regarding semiconductor tariffs on Monday, 14 April.

Stock Indices React to Trump’s Tariff Moves

These announcements were taken positively by the markets. As shown on the chart of the Nasdaq 100 index (US Tech 100 mini on FXOpen), the new week opened with a bullish gap exceeding 1.5% – a stronger performance than the S&P 500 (US SPX 500 mini on FXOpen), which also saw a bullish gap.

This may suggest that market participants are cautiously optimistic that the sweeping tariff measures might be eased through exemptions, delays, or negotiation concessions. Nevertheless, the CNN Business Fear & Greed Index remains in "extreme fear" territory, despite inching higher compared to last week.

As of this morning, the Nasdaq 100 (US Tech 100 mini on FXOpen) has recovered approximately 15% from its 2025 low.

Technical Analysis: Nasdaq 100 (US Tech 100 mini on FXOpen)

Seven days ago, we plotted an ascending blue channel and suggested that its lower boundary could act as support – which has indeed played out.

With the latest data in hand, there is reason to believe that bulls may now be aiming to push the price up toward the channel’s median line. However, as indicated by the arrows on the chart, this median appears to have shifted from acting as support to acting as resistance.

Bulls may also face headwinds from the wide bearish candle to the left, which was formed in reaction to Trump's tariff announcements. According to Smart Money Concept methodology, this area – marked by a bearish Fair Value Gap (highlighted with a rectangle) – may now serve as resistance.

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