Did you know the NAS100 has plummeted to levels not witnessed since January 2024?
This tech-heavy index has now dropped over 25% from its all-time highs, largely fuelled by mounting fears of a global recession triggered by President Trump’s announcement of reciprocal tariffs on April 2nd.
These worries have only intensified as both the EU and China prepare to impose even harsher retaliatory measures against the United States.
NAS100 may see added volatility when FOMC meeting minutes are released today at (18:00 PM GMT).
From a technical standpoint, the outlook appears grim.
A potential 'death cross' is forming on NAS100, a phenomenon where the 50-day moving average crosses below the 200-day moving average, signaling a strong likelihood of prolonged declines.
Furthermore, it has met resistance at its 261.8 Fibonacci level (17,739.8) for 2 straight trading sessions, increasing the probabilities of the index’s” decline to new intraday lows.
The Relative Strength Index (RSI) shows that the NAS100 is currently oversold, but there remains ample room for further downside, as levels have yet to reach those seen during the 2008 global financial crisis.
The Index bears may pay attention to the following levels for potential resistance levels:
NAS100 bears on the other hand may observe the following levels for potential support:
