Tech drag dominates: The NASDAQ fell -1.46%, its worst day since Aug 1, led by the Magnificent 7 (-1.67%). Nvidia (-3.5%) was the biggest loser and set the tone for semis and AI-linked names.
Index divergence: Despite the cap-weighted S&P falling (-0.59%), the equal-weighted S&P rose (+0.45%), showing the selloff was tech-concentrated rather than broad. That highlights rotation into cyclicals/defensives away from mega-cap tech.
Stock specifics:
Intel (+6.97%) surged on the $2bn SoftBank stake, bucking the chip weakness.
Home Depot (+3.17%) outperformed on earnings, showing consumer/housing resilience—positive for broader equities but less relevant for tech.
Rates backdrop: 10yr UST yields fell -2.7bps to 4.31% after S&P affirmed the US AA+ rating. Lower yields normally support growth/tech, but today’s positioning and rotation outweighed rate relief.
Fed/policy watch:
Treasury Sec. Bessent hinted at Fed Chair decision timing (Powell’s replacement watch).
Markets remain priced for a jumbo cut in September, with focus shifting to Jackson Hole this week—key risk event for Nasdaq given rate-cut sensitivity.
Geopolitics: Noise around Ukraine security guarantees and Switzerland’s peace-talk stance was not market-moving for tech.
Relevance for NASDAQ100 traders:
Yesterday’s selloff was tech-specific, not broad market weakness, implying concentration risk in mega-caps.
Intel’s rally shows idiosyncratic catalysts can break correlation.
Watch Jackson Hole & Fed rate-cut pricing → likely main driver for Nasdaq100 short-term.
Rotation risk: If the equal-weighted S&P keeps outperforming, the Nasdaq may underperform further unless big tech regains leadership.
Key Support and Resistance Levels
Resistance Level 1: 23710
Resistance Level 2: 23950
Resistance Level 3: 24200
Support Level 1: 23233
Support Level 2: 23110
Support Level 3: 22985
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Index divergence: Despite the cap-weighted S&P falling (-0.59%), the equal-weighted S&P rose (+0.45%), showing the selloff was tech-concentrated rather than broad. That highlights rotation into cyclicals/defensives away from mega-cap tech.
Stock specifics:
Intel (+6.97%) surged on the $2bn SoftBank stake, bucking the chip weakness.
Home Depot (+3.17%) outperformed on earnings, showing consumer/housing resilience—positive for broader equities but less relevant for tech.
Rates backdrop: 10yr UST yields fell -2.7bps to 4.31% after S&P affirmed the US AA+ rating. Lower yields normally support growth/tech, but today’s positioning and rotation outweighed rate relief.
Fed/policy watch:
Treasury Sec. Bessent hinted at Fed Chair decision timing (Powell’s replacement watch).
Markets remain priced for a jumbo cut in September, with focus shifting to Jackson Hole this week—key risk event for Nasdaq given rate-cut sensitivity.
Geopolitics: Noise around Ukraine security guarantees and Switzerland’s peace-talk stance was not market-moving for tech.
Relevance for NASDAQ100 traders:
Yesterday’s selloff was tech-specific, not broad market weakness, implying concentration risk in mega-caps.
Intel’s rally shows idiosyncratic catalysts can break correlation.
Watch Jackson Hole & Fed rate-cut pricing → likely main driver for Nasdaq100 short-term.
Rotation risk: If the equal-weighted S&P keeps outperforming, the Nasdaq may underperform further unless big tech regains leadership.
Key Support and Resistance Levels
Resistance Level 1: 23710
Resistance Level 2: 23950
Resistance Level 3: 24200
Support Level 1: 23233
Support Level 2: 23110
Support Level 3: 22985
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.