Nasdaq Pulls Back from Recent HighsUS Tech 100 CFDFOREXCOM:NAS100FOREXcomToward the end of the week, the Nasdaq index began to retreat, posting a decline of at least 1.5% in the short term, as a new bearish bias has started to emerge strongly, preventing the index from reaching the historical highs again. For now, the momentum driven by expectations of lower interest rates has begun to fade in recent sessions, while corrections in stocks such as Nvidia—which represent a significant share of the index’s market capitalization—have limited buying pressure heading into the week’s close. Given this backdrop, as the market awaits key economic data, such as the upcoming U.S. employment report on Friday, uncertainty and sideways movements may continue to dominate trading sessions in the near term. Short-Term Sideways Range The lack of clear direction in recent movements has led to the formation of a sideways range in the Nasdaq, currently defined by resistance at 23,800 points and support at 22,800 points. As long as price action remains within these levels, neutrality will likely remain the prevailing scenario in the short term. Technical Indicators RSI: the RSI line is oscillating near the neutral 50 level, reflecting a consistent balance between buying and selling pressure over the past 14 sessions. This suggests that the neutral bias has begun to dominate short-term movements in the index. MACD: the MACD histogram also hovers close to the 0 line, showing that short-term moving averages maintain a neutral bias. As long as this condition holds, the current sideways range is likely to remain relevant in upcoming sessions. Key Levels to Watch: 23,800 points – Main Resistance: corresponds to recent highs in the Nasdaq. A sustained breakout above this level could open the door to a more consistent bullish trend in the short term. 22,800 points – Near-Term Support: aligns with the Ichimoku cloud and stands as the most important barrier for containing short-term downward corrections. 22,200 points – Critical Support: coincides with neutral price areas observed on the chart in February of this year and is also converging with the 200-period moving average. If this level comes under consistent pressure, it could pave the way for a more dominant bearish bias. Written by Julian Pineda, CFA – Market Analyst