NASDAQ (NAS100)
The NASDAQ 100 index has been trading in downward trajectory since November 2021 which continues to be in progress. The selling pressure has built up over the past few days and the current short-term down swing retraced close to its support of 12,942 which is a key level to monitor. The prospects of 50 basis points interest rate hikes at the May, June and potentially July FOMC meetings set a risk-off market mood. Last week’s hawkish Fed comments sent U.S. Treasuries and the U.S. Dollar higher and triggered a broad-based sell-off in equity markets amid brewing reporting season. While initial support around the previous low of 12,942 could hold, short-term traders should monitor minor support of 13,432 as a break below it will signal an extension of the decline to 13,300. On the other hand, a break above minor resistance of 13,582 would indicate a likely rally to 13,700. The economic calendar for the US would feature March’s Durable Goods Orders, the US Gross Domestic Product for the Q1, and the Core Personal Consumption Expenditure (PCE) for March, alongside the Chicago PMI.
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