NASDAQ

Better-than-expected jobless claims data eased fears of a recession, and the NASDAQ100 index continued its recovery. Mega-cap tech stocks, particularly Nvidia, Meta, and Tesla, led the recovery with strong gains. Technically, the NASDAQ100 index could remain bullish as it caps its declines in the 18240-18440 area. In this case, the index has the potential to rise towards the 18670 and 18750 levels. Alternatively, the index needs to trade persistently below the 18240-18440 area for the downtrend to strengthen. In this scenario, a pullback towards the 18050 and 17950 levels could be experienced. Support: 18440-18240 Resistance: 18670-18750