This week will be choppy for the Nasdaq100 Futures (CME: NQ), with multiple economic data points looming, including the highly anticipated U.S. Interest Rate Decision and Non-Farm Payrolls.
The Nasdaq100 Futures (CME: NQ) spent the prior week in the green after gaining 1.69% on the back of upbeat tech earnings and a slight decline in the Core PCE Index, the Federal Reserve’s preferred gauge of inflation. However, due to jitters from the Banking Sector, the Nasdaq100 Futures opened the week on the back foot as traders turned risk-off.
The Nasdaq100 Futures uptrend has sustained since the year’s open, with price trading above the 100-day moving average. Support and resistance were printed at the 12635.00 and 13345.00 levels, respectively.
Following a rejection of resistance in the prior weeks, the market found support at the 100-day moving average, which coincides with the 61.80% Fibonacci Retracement Golden Ratio. Bulls marched with the Nasdaq100 Futures back into the 13345.00 resistance level before being met with a barrier of bears.
At present, bears have the upper hand and will likely be in contention to take the index lower, with the 12905.50 Golden Ratio level in the picture. Alternatively, if bullish traders regain momentum, the 13345.00 level will likely be earmarked as a point of interest.
Later today, the U.S. Interest Rate Decision and Fed Press Conference will be the focal point for the Nasdaq100 Futures traders. The U.S. ISM Non-Manufacturing PMI will likely provide some intermediate volatility for traders tracking economic activity in relation to the index. Traders anticipate an 86.7% chance of a 25 basis point rate hike. The 12905.50 and 13345.00 levels will be in focus as trader digest and react to the oncoming traffic of economic events.
Sources: CME FedWatch Tool, Reuters, TradingView