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Figure: Nasdaq, Daily, TradingViewCaution and volatility continue to dominate U.S. equity markets, as reflected in Tuesday’s trading session, during which prices fluctuated between gains and losses for most of the day. Market sentiment remained weighed down by ongoing geopolitical tensions and selling pressure in the technology sector, which saw notable declines. Apple was among the biggest losers, falling approximately 3.64%.
This wave of selling comes as investors await the release of the U.S. inflation data for May, scheduled for Wednesday, amid expectations that monetary policy could remain restrictive. Market pricing currently indicates a probability exceeding 70% that the Federal Reserve could raise interest rates by December.
The chart shows the Nasdaq Index retreating toward a key support zone between 28,500 and 28,800 points, an area that investors will closely monitor to assess price action, particularly after the index broke below the support provided by its 35-session moving average. Meanwhile, the 50-day moving average is expected to provide additional support near the 27,900-point level.
The key question remains: Will the 28,500-point area provide sufficient support for the index, or will the upcoming inflation data push prices lower and extend the current decline?
Disclaimer: The content published above has been prepared by CFI for informational purposes only and should not be considered as investment advice. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell. The information provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it, and is not held out as independent investment research and may have been acted upon by persons connected with CFI. Market data is derived from independent sources believed to be reliable, however, CFI makes no guarantee of its accuracy or completeness, and accepts no responsibility for any consequence of its use by recipients.
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