“The Nasdaq Index Extends Losses”In the U.S., the JOLTS job openings decreased by 237,000 in July compared to the previous month, dropping to 7.673 million. This marks the lowest level since January 2021. Following this data, expectations have increased that the Federal Reserve (Fed) could reduce the policy rate by a total of 125 basis points across its three remaining meetings this year. Additionally, the likelihood of a 50 basis point rate cut at the Fed’s September meeting has risen to 45%.
The release of U.S. macroeconomic data, which has triggered recession concerns, has led to increased selling pressure on the indices.
Technically, the Nasdaq index, which has retreated to the 18,780 level, could experience further selling pressure, potentially reaching the support levels of 18,450 and 17,900. In the event of a potential buying movement, if we see a close above the 18,900 level, the upward trend could extend to the resistance levels of 19,520 and 19,970.
