Thursday was a slightly positive session for equities, with the NASDAQ 100 rising +0.18% to close at a fresh record high, driven by strong economic data. However, overall market action was subdued, with the S&P 500’s trading range the narrowest since February (0.35%).
Notably, the equal-weighted S&P 500 fell -0.33%, highlighting underlying weakness outside mega-cap tech.
A key drag on the NASDAQ came from Tesla (-8.20%), which slumped after disappointing earnings. This weighed on the Magnificent 7, which declined -0.21% despite gains in the other six members.
On the macro front, the US dollar strengthened as Donald Trump downplayed his dispute with Fed Chair Jerome Powell, though continued to pressure the Fed on interest rates. Meanwhile, the FCC approved Paramount’s merger with Skydance, signaling a green light for M&A activity in media despite political tensions.
Conclusion – NASDAQ 100 Trading View:
The NASDAQ 100 remains technically bullish, setting new highs amid resilient economic data. However, breadth is weakening, and headline risk—especially around earnings (e.g., Tesla)—could trigger short-term volatility. Traders should stay long with caution, watching for sector rotation or profit-taking near highs, and monitor Fed-related rhetoric for macro-driven moves.
Key Support and Resistance Levels
Resistance Level 1: 23480
Resistance Level 2: 23600
Resistance Level 3: 23790
Support Level 1: 23070
Support Level 2: 22950
Support Level 3: 22750
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.
Notably, the equal-weighted S&P 500 fell -0.33%, highlighting underlying weakness outside mega-cap tech.
A key drag on the NASDAQ came from Tesla (-8.20%), which slumped after disappointing earnings. This weighed on the Magnificent 7, which declined -0.21% despite gains in the other six members.
On the macro front, the US dollar strengthened as Donald Trump downplayed his dispute with Fed Chair Jerome Powell, though continued to pressure the Fed on interest rates. Meanwhile, the FCC approved Paramount’s merger with Skydance, signaling a green light for M&A activity in media despite political tensions.
Conclusion – NASDAQ 100 Trading View:
The NASDAQ 100 remains technically bullish, setting new highs amid resilient economic data. However, breadth is weakening, and headline risk—especially around earnings (e.g., Tesla)—could trigger short-term volatility. Traders should stay long with caution, watching for sector rotation or profit-taking near highs, and monitor Fed-related rhetoric for macro-driven moves.
Key Support and Resistance Levels
Resistance Level 1: 23480
Resistance Level 2: 23600
Resistance Level 3: 23790
Support Level 1: 23070
Support Level 2: 22950
Support Level 3: 22750
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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.