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Nasdaq 100, Time frame: 4H, Tool: SMA50The attached chart shows that the Nasdaq continues to consolidate sideways within a broader uptrend, particularly as it continues to hold the support level near 30,070 and remains above the 50-period moving average. This sideways consolidation it might continue within a price range between 30,800 as resistance and 30,070 as support.
Despite the index declining by more than 1% in yesterday’s session, markets continue to monitor whether government bond yields and energy prices will remain elevated, particularly amid conflicting information regarding the restoration of freedom of navigation through key waterways.
On the other hand, the US-China agreement to reduce tariffs on $60 billion worth of trade, along with the possibility of reaching a trade agreement with Canada, has provided some stability to equity markets and helped limit their losses.
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