On the daily chart, Nasdaq’s RSI has pulled back to the 50 neutral zone, providing potential support for the recent correction. Price action is holding above the 23,200-support, while the 4-hour RSI is rebounding from oversold conditions.
If 23,200 continues to hold, Nasdaq may recover to test 23,500, 23,700, and potentially 24,100. A confirmed move above these levels could signal renewed momentum toward the 25,000-record.
A clean hold below 23-200 may extend the decline towards key support levels between 22,900-22,700 for another long-term bullish positioning opportunity, or deeper downturn risks.
Key Events in Sight:
- FOMC Minutes (Today)
- Fed Speech (Friday)
- Written by Razan Hilal, CMT
If 23,200 continues to hold, Nasdaq may recover to test 23,500, 23,700, and potentially 24,100. A confirmed move above these levels could signal renewed momentum toward the 25,000-record.
A clean hold below 23-200 may extend the decline towards key support levels between 22,900-22,700 for another long-term bullish positioning opportunity, or deeper downturn risks.
Key Events in Sight:
- FOMC Minutes (Today)
- Fed Speech (Friday)
- Written by Razan Hilal, CMT
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