Nasdaq 100: All Eyes on 200-Day Average Support as Markets Try to Stabilize

Stocks Analysis by Fawad Razaqzada covering: Nasdaq 100. Read Fawad Razaqzada's latest article on Investing.com

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But now it needs to form a clear bullish signal to re-ignite the bullish momentum, while a close below it could lead to further follow-up technical selling.The focus has been on Japan and its central bank's actions. Global indexes bounced back on Wednesday following a significant recovery in Japanese stocks after the Bank of Japan reassured markets.

Well, they kind of did buy the dip but were happy to take a profit as the major indexes hit broken support levels, which later turned into resistance and caused the markets to head lower into the close on Wednesday. This reassurance came after a period of wild market swings, with benchmark indexes plunging on Monday following a weak close last week. Expectations of more aggressive Federal Reserve rate cuts due to weak US economic data failed to provide support as the rapid unwinding of popular yen-funded carry trades had a more significant impact including in US tech stocks and therefore the Nasdaq 100.The Nasdaq has now fallen for 5 consecutive weeks.

At the time of writing, the Nasdaq futures chart was testing a critical technical zone between 17,750 to 17,900. This area marks the breakout zone from early May, and where the 200-day moving average comes into play.

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