NDXUSD

The non-farm payroll data released last Friday showed a growth below expectations, and the previous month's figures were revised downward. Despite the forecast that the unemployment rate would remain stable, the observed increase was noteworthy. Fed Chairman Powell indicated that they would not rush to lower interest rates. At the same time, President Trump stated that the economy is in a transitional phase. Along with these concerns about the slowdown, the suppression of increases in 10-year bond yields limited downward movements in the NASDAQ100 Index pricing.

The NASDAQ100 index is trading below the level supported by the indicators we follow. In short-term pricing, the 20250-20420 range, supported by the 21-period exponential moving average, may continue to suppress upward demand. If declines persist, a movement towards the 20000 and 19900 supports could occur. The 19900-20000 range may be a critical threshold in terms of downward pressure. For upward movements, 4-hour closes above 20420 will be required, in which case resistance levels of 20565 and 20680 can be monitored.