It’s also worth noting that we’re in an area that was previously supported, so the fact that we’re breaking above it and pulling back toward it suggests that we may be trying to address some „market memory” in that area. . , The NASDAQ 100 edged higher in early trading just after the New York open, but then gave back gains fairly quickly as we continue to worry about rising interest rates. Remember that tech stocks tend to be very sensitive to rising interest rates, so you need to pay close attention to the 10-year return. Advertisement Stock Markets Crash Again Buy Dips Now! It is also worth noting that we are sitting in an area that was previously supported, so the fact that we are breaking above it and pulling back towards it suggests that we may be trying to deal with some „market memory” here. . within the urban districts. We are still in a clear downtrend, although we have been increasing over the last few days. The 50-day EMA is near the 11,750 level and is falling. So it makes some sense that we should continue to see downward pressure and this level as potential resistance. If we can break above that, maybe we could look at the 12,000 level. We will probably continue to see a lot of back and forth. Below , if we were to break below the candlestick on both Thursday and Wednesday, it is possible that we could drop to the 11,000 level quite quickly, perhaps even lower. . This would simply be a continuation of the general downward trend. Actually, if you squint, you can see we’re in a descending channel. Tesla had less-than-enthusiastic earnings ahead of the session, so that could add to the market’s malaise as we continue to see a lot of questions about the global economy, the Federal Reserve, and of course the bond market. I think the market is still very noisy, but that’s true of almost all risk assets, which makes the NASDAQ 100 less unique than usual. As we head into earnings season, it’s very likely we’ll continue to see a lot of back and forth, but additional guidance may not be helpful for most companies in this environment. Based on this, I suspect that it is probably only a matter of time before signs of exhaustion are sold out when the first problems appear.