NSDQ100 Cautious consolidationUS Tech 100TRADENATION:USTECTradeNationNasdaq futures are pointing to a softer open today, as markets lose momentum following a record-breaking run. Investors are growing cautious amid renewed political and geopolitical tensions. Market backdrop: Equities pulled back modestly yesterday, with the S&P 500 down -0.28% and Europe’s STOXX 600 off -0.43%, as questions arose about the sustainability of the recent rally. The Nasdaq 100 also eased from record highs, mirroring the risk-off tone seen across regions and asset classes. Macro drivers: The US government shutdown—now entering its second week—is weighing on sentiment, especially after Trump vowed deeper spending cuts, raising fears of a prolonged fiscal impasse. Rising 10yr Treasury yields (+2.1bps to 4.14%) and wider high-yield spreads (+9bps) suggest investors are turning more defensive. Gold (-1.61%) also reversed sharply, falling below $4,000/oz, signaling some unwinding of safe-haven flows. Geopolitical factors: Tensions are rising ahead of the Trump–Xi meeting, with Beijing launching an antitrust probe into Qualcomm’s Autotalks deal, and new US legislation favouring Nvidia and AMD chip supplies for domestic use. The moves underscore potential risks for tech heavyweights with major China exposure. Meanwhile, the Israel-Gaza hostage deal and Trump’s expected visit add another layer of geopolitical complexity. Nasdaq 100 outlook: Tech stocks may see selective pressure today as investors react to the escalating US–China tech dispute and higher yields. However, recent strength in AI and semiconductors could offer some support. Expect consolidation near record levels, with traders awaiting US consumer sentiment data later in the day for confirmation of demand resilience. Tone: Cautious consolidation — Nasdaq 100 likely to trade sideways to slightly lower as macro and political risks temper recent euphoria. Key Support and Resistance Levels Resistance Level 1: 25200 Resistance Level 2: 25300 Resistance Level 3: 25400 Support Level 1: 24870 Support Level 2: 24730 Support Level 3: 24590 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.