Key Points:
- NASDAQ 100 closed at 18,644.15, down from an intraday high of 19,056.65.
- U.S. futures weakened after hopes for a tariff truce wavered.
- Trump retracted criticism of Powell but left rate policy signals unclear.
- Fed’s Beth Hammack said uncertainty supports a slower policy approach.
The NASDAQ saw a sharp pullback from the 19,050 resistance zone, ending Thursday lower at 18,644.15 as traders digested an erratic stream of headlines out of Washington. President Trump’s fluctuating stance on China tariffs—first suggesting a rollback, then walking it back—added to the prevailing uncertainty around global trade flows and monetary credibility.
Meanwhile, Fed Chair Jerome Powell appeared safe in his post after a brief round of political targeting by Trump. The President’s reversal on Powell reassured bond markets temporarily but did little to restore directional confidence in equities, particularly tech-heavy names that have benefited from dovish policy expectations.
Macro Environment
The backdrop remains tense. Markets remain highly sensitive to U.S.-China trade rhetoric, with Treasury Secretary Scott Bessent clarifying that no unilateral tariff cuts are on the table. The back-and-forth has whiplashed investor sentiment and led to a spike in volatility.
In macro data, longer-term U.S. Treasuries held steady, and the 10-year yield slipped to 4.3578%, suggesting cautious optimism over inflation and Fed policy. Fed’s Beth Hammack added that “major uncertainty over the outlook continues to argue for the central bank taking it slow.”
Technical Analysis
The NASDAQ 100 surged to a session high of 19056.65 on April 24, marking a strong intraday move from the 17940.85 low just a day prior. This sharp rally was initially supported by bullish alignment across the 5, 10, and 30-period moving averages, alongside a strong MACD crossover and bullish histogram momentum.
Picture: NASDAQ bulls lose steam near 19000 as consolidation kicks in, as seen on the VT Markets app
However, after tagging resistance near the 19000 handle, price faced rejection, triggering a pullback that dragged the index back below the 30-MA, where it has since consolidated around 18644.15. The MACD shows a flattening trajectory, with the histogram hovering near zero—indicating weakening momentum.
With the price now ranging between 18600–18800, a break below could expose support at 18500, while reclaiming 18800+ may open room for another test of 19000.
