NSDQ100 consolidation after big rallyUS Tech 100TRADENATION:USTECTradeNationMacro backdrop: Oil rising again (Brent ~$111) as US–Iran tensions persist → keeps inflation pressure elevated No de-escalation signals → risk of prolonged energy shock Yen volatility suggests possible intervention → adds FX instability Market context: Strong equity momentum: S&P 500 +10.5% in April (record highs) Philadelphia Semiconductor Index +38.4% → massive tech/AI-driven rally Global equities also strong despite macro concerns Tech/AI sentiment: OpenAI pushing back on weak demand narrative → “strong demand” supports AI trade Big Tech earnings continue to drive Nasdaq strength Risks for Nasdaq 100: Higher oil → delays rate cuts → negative for growth/tech valuations “Stagflation” fears still present in rates market After a very strong month, momentum may pause (futures already softer) Other signals: Extreme compensation/news flow (e.g. Elon Musk pay package) reflects peak liquidity/optimism Strong hedge fund/prop trading profits (Jane Street) → high market activity and volatility Conclusion (Nasdaq 100): Short term looks like consolidation after a huge rally. The trend remains bullish driven by AI and earnings, but rising oil and rate pressure are key headwinds. Expect choppier price action rather than a straight continuation higher. Key Support and Resistance Levels Resistance Level 1: 26920 Resistance Level 2: 27100 Resistance Level 3: 27330 Support Level 1: 26275 Support Level 2: 26040 Support Level 3: 25800 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.