US equities softened, with risk sentiment pressured by continued bank underperformance. Financials were again the main drag after JPMorgan fell sharply on weaker-than-expected investment banking fees, keeping focus on upcoming earnings from Bank of America and Citigroup today, and Goldman Sachs and Morgan Stanley tomorrow. While this mainly hits the S&P 500, it weighs on broader risk appetite for Nasdaq-100 trading.
Mega-cap tech underperformed slightly, but overall market breadth was not too weak, with defensive and energy sectors leading. This suggests Nasdaq downside is more about sentiment than aggressive tech selling.
Metals continued to surge, with gold and silver at record highs, reinforcing expectations of US rate cuts and improved China growth. This supports a lower-yield environment, which is medium-term supportive for growth and tech stocks, even if near-term risk appetite is fragile.
Political and regulatory uncertainty remains a headwind, particularly Trump’s push for a 10% cap on credit card rates and tensions around Fed independence, which keeps volatility elevated but does not directly target Nasdaq heavyweights.
Bottom line: Near-term Nasdaq-100 tone is cautious to slightly negative due to weak financials and policy noise, but deeper downside is limited as tech selling remains contained and falling-rate expectations provide underlying support.
Key Support and Resistance Levels
Resistance Level 1: 25975
Resistance Level 2: 26182
Resistance Level 3: 26568
Support Level 1: 25375
Support Level 2: 25206
Support Level 3: 25000
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Mega-cap tech underperformed slightly, but overall market breadth was not too weak, with defensive and energy sectors leading. This suggests Nasdaq downside is more about sentiment than aggressive tech selling.
Metals continued to surge, with gold and silver at record highs, reinforcing expectations of US rate cuts and improved China growth. This supports a lower-yield environment, which is medium-term supportive for growth and tech stocks, even if near-term risk appetite is fragile.
Political and regulatory uncertainty remains a headwind, particularly Trump’s push for a 10% cap on credit card rates and tensions around Fed independence, which keeps volatility elevated but does not directly target Nasdaq heavyweights.
Bottom line: Near-term Nasdaq-100 tone is cautious to slightly negative due to weak financials and policy noise, but deeper downside is limited as tech selling remains contained and falling-rate expectations provide underlying support.
Key Support and Resistance Levels
Resistance Level 1: 25975
Resistance Level 2: 26182
Resistance Level 3: 26568
Support Level 1: 25375
Support Level 2: 25206
Support Level 3: 25000
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
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