Nasdaq 100

Key insight

29,096 holds above the 50-day MA (~28,400) but momentum fades — a daily close below 28,800 opens a test of the 200-day MA at 27,200. Bulls need a catalyst above 29,500 to extend.

Stalls at 29,096 after a multi-month rally; Dow flat and S&P -0.1% confirm broad pause, not reversal. Tech needs a fresh catalyst to clear the 29,500 resistance zone.

Main risk

Sticky inflation / Fed rate-cut delay

Fed pushback on near-term cuts keeps 10-yr Treasury yields elevated, compressing Nasdaq multiples below the 29,500 resistance zone.