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The Nasdaq index dropped by -1.55% on Thursday as investors begin to weigh the possibility of a 50bps rate hike by the Fed ahead of the key US employment data on Friday. The wage growth and employment data are an indicator of the direction of the Fed regarding interest rate hikes in the near term.
The rising inflationary pressure continues to underpin the stock market under the Russia/Ukraine war cloud. Markets are looking forward to the diplomatic talks between Russia and Ukraine later in the New York session.
Moreover, President Biden’s move to inject unprecedented oil supply into the market from US reserves has seen US allies in support and pledging output to curb the soaring inflation.
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The Nasdaq index plunged down from a 2-months high for 2 consecutive days to the close of Q1 of 2022. The Index extended losses as bulls lost stream at the 15211.00 near-term resistance. The trend begins to show signs of a corrective pattern after a 4-week strong rise from the 13000.00 support.
A failure to break above 15211.00 near-term resistance could cause a corrective price action towards the 14200-pivot area before a remarkable direction.
However, if the index manages to break the 15211.00 it may need to break the 15500.00 near-term barriers to experience further upside gains.
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The Nasdaq index is currently bullish in the near-term despite the immediate price correction on the 4 Hour chart. The Williams Alligator shows the trend is strongly bullish with 13,8 and 5 moving averages acting as immediate support areas.
The possibility for movement to the upside is highly probable. Bulls may need to break above 15211.00 near-term resistance to see further gains to the upside.
However, to cement a possible price retracement, a break below 14800.00 near-term support would reinforce bearish sentiment towards 14200.00 near-term support.
