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Today, let’s dive into the technical analysis of the NASDAQ 100. The NASDAQ 100 experienced a slight decline during the early hours of trading on Monday, prompting some concerns around the key level of 19,500. This level has proven to be significant in the past, leading to a minor pullback in the market. However, with the upcoming Federal Reserve interest rate decision on Wednesday, the market sentiment remains uncertain.
While the consensus points towards a 25 basis point interest rate cut by the Federal Reserve, the real impact of the decision and the subsequent FOMC press conference remains to be seen. As investors anticipate the outcome, volatility may rise in the coming days. Wall Street, known for its ability to spin news in a positive light, is expected to react swiftly to any developments.
Despite the potential for short-term volatility and a temporary pullback, the overall trend for the NASDAQ 100 appears bullish. Last week witnessed a substantial gain of approximately 1300 points, indicating a strong upward momentum. A minor correction near a resistance zone followed by a resumption of the uptrend would align with normal market behavior.
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