Victoria Bazir
The NASDAQ remains stuck in a descending channel on the 1-hour chart. After a wave of selling pressure pushed the index from the 25.15 area down to roughly 24.55, the market is now attempting a short-term bounce near the Fibonacci 0.382 retracement level. But with price still below short-term moving averages and the descending trend line, the bias stays clearly bearish.
RSI at 39 and Volume Profile Signal Limited Recovery Room
Momentum indicators aren't doing buyers any favors. The RSI sits around 39, reflecting weak buying interest and no sign of accumulation. NASDAQ Price Analysis: US100 Weakens Below 25,032 Resistance With RSI Near 50 captured a similar setup just days earlier, and the current read is even softer. Volume during the decline has been moderate, suggesting steady rather than panic-driven selling, but the Volume Delta keeps printing negative, confirming that sellers dominate order flow.
The Volume Profile puts the Point of Control near 25.057, a significant liquidity zone that now acts as a firm resistance ceiling. Until US100 can reclaim that level with conviction, recovery attempts are likely to fade.
Bollinger Bands and Parabolic SAR Confirm Bearish Structure Below 24,780
The technical picture gets reinforced from multiple angles. Bollinger Bands show US100 hugging the lower band, a pattern associated with persistent downtrend conditions. Parabolic SAR dots remain above price on the hourly chart, maintaining the bearish signal. Nasdaq Holds Near 24,790 After Pullback From 25,100 and NASDAQ US100 Finds Footing Near 24,800 After Bouncing From 24,600 Low both showed the index repeatedly failing at upper resistance before extending lower.
Key support levels to watch sit at 24.446, 24.259, 23.982, and 23.800. Resistance zones are clustered at 24.612, 24.708, 24.782, and the major liquidity area at 25.057.
Macro conditions add pressure on top. Rising oil prices and geopolitical tensions are keeping inflation concerns alive, which complicates the Fed's rate-cut timeline. Higher energy costs hit growth and tech stocks hardest, and NASDAQ remains directly in that crossfire. Until macro headwinds ease and price reclaims the 25.057 area, the path of least resistance stays downward.
Victoria Bazir
