^NDX Today: March 17 – AI Rally Resumes as Oil Retreats, Megacap Tech Leads

Nasdaq today climbed as the Nasdaq-100 led a renewed tech rebound while oil prices eased. For Canadian investors, the move highlighted how megacap tech can offset energy uncertainty. Nvidia’s multi-year US$1 trillion AI chip revenue outlook helped restore risk appetite. With geopolitics and crude volatility still near the surface, we unpack what powered the bounce, what the charts say, and how to position in CAD. Here is what to know on Monday, March 17.

Megacap Tech Leads On AI Revival

Nasdaq today advanced about 1% as traders returned to AI leaders, helped by easing oil and renewed demand for growth. Nvidia’s multi-year US$1 trillion AI chip revenue opportunity kept sentiment firm, while software and internet names added support. Traders cited dip-buying after recent weakness and improving breadth across large-cap tech, according to Reuters.

Nvidia (NVDA) stayed centre stage, with analysts skewed positive (72 Buy, 2 Hold, 1 Sell; consensus Strong Buy). Meta Platforms (META) also participated, supported by solid cash flow and a Buy-leaning consensus. Together, these megacaps improved leadership quality and helped lift risk appetite, even as traders remained selective across semis, cloud, and ad-driven platforms.

Oil Prices Ease, Risk Appetite Improves

Nasdaq today benefited as crude prices slipped, easing inflation and margin fears. Lower fuel costs can support consumer and software demand while reducing input pressure for logistics-heavy firms. The shift improved risk appetite across growth sectors, as reported by The Globe and Mail’s market wrap source.

Despite the bounce, traders watched Middle East headlines and broader energy volatility that can quickly revive risk-off moves. Position sizing stayed measured, with investors preferring liquid megacaps and ETFs over smaller, less proven stories. We see ongoing two-way trading if geopolitical risk flares, though AI demand, cash-rich balance sheets, and stable earnings visibility continue to underpin leadership.

What Technicals Say After The Pop

Nasdaq today improved, but momentum gauges remain mixed. The Nasdaq-100’s RSI sits near 42, showing recovery but not yet strong trend. CCI around -125 signals recent oversold conditions. Price hovers near the lower Bollinger band area while the middle band sits near 24,887. With ATR near 429, expect wider swings. A sustained close above the middle band would strengthen the case for follow-through.

Outside tech, signals look softer. The S&P 500’s RSI near 35 and ADX near 26 point to a firm but cautious downtrend bias. The Dow’s ADX near 31 also reflects a strong trend after recent weakness. Taken together, breadth outside megacap tech is not yet convincing, so we prefer staged entries and defined risk until indices reclaim key moving-average corridors.

What It Means For Canadian Investors

Nasdaq today highlights a setup where AI leaders can buffer energy swings. Canadians can consider a core allocation to broad US tech via CAD-hedged or unhedged ETFs, depending on currency views. Pair growth with cash or short-duration bonds to manage volatility. Focus on profitable AI platforms, disciplined capital spend, and recurring revenue, rather than chasing thinly traded names.

Key near-term markers include Nvidia’s next earnings on May 20, 2026, plus oil volatility and any fresh geopolitical turns. For levels, watch if the Nasdaq-100 can close above its mid-Bollinger zone near 24,887, then challenge the upper band near 25,257. If breadth expands and pullbacks stay shallow, portfolio adds can be scaled methodically.

Final Thoughts

Nasdaq today showed that easing oil and durable AI demand can quickly revive risk appetite, with megacap tech setting the tone. We think the next phase depends on two things: whether crude stays contained and whether leadership broadens beyond a few names. Keep entries staged, lean on liquid vehicles, and favour balance sheets with strong free cash flow. Watch the Nasdaq-100’s mid-band as a trigger for follow-through. Should headlines worsen or oil spike, tighten risk and use weakness to upgrade quality. For Canadians, align exposure with a clear CAD or USD view, and keep cash for tactical adds around key technical levels.

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The content shared by Meyka AI PTY LTD is solely for research and informational purposes.  Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.