Market Sentiment Pulls Nasdaq to the 23,200 Support

On the daily chart, Nasdaq’s RSI has pulled back to the 50 neutral zone, providing potential support for the recent correction. Price action is holding above the 23,200-support, while the 4-hour RSI is rebounding from oversold conditions.

If 23,200 continues to hold, Nasdaq may recover to test 23,500, 23,700, and potentially 24,100. A confirmed move above these levels could signal renewed momentum toward the 25,000-record.

A clean hold below 23-200 may extend the decline towards key support levels between 22,900-22,700 for another long-term bullish positioning opportunity, or deeper downturn risks.

Key Events in Sight:

- FOMC Minutes (Today)
- Fed Speech (Friday)

- Written by Razan Hilal, CMT