NDXUSD

The ADP non-farm employment and ISM services PMI data falling below expectations, combined with Fed Chair Powell's cautious remarks about lowering interest rates, resulted in a sideways movement in the NASDAQ100 Index. Following statements about the resilience of the US economy, relatively strong rises were observed in the shares of mega-cap technology companies like Nvidia, Tesla, and Microsoft. The mixed trend in Asian markets and the tracking of US jobless claims are among the current developments to watch.

Technically, the NASDAQ100 index is trading above the support level in the 21300 – 21400 range. As long as it stays above this level, a positive trend may continue. On the upside, resistance levels at 21600 and 21700 should be monitored. For the index to form a downward expectation, 4-hour closings below the 21300 level are important. In this case, support levels at 21250 and 21200 could come to the forefront. The RSI indicator is showing a neutral outlook at current levels, and the index shows a limited change of 0.01% compared to the previous day.