Nasdaq, NVDA Lag Behind the S&P 500 E-mini Nasdaq-100 FuturesCME_MINI_DL:NQ1!FOREXcomIt seemed the reaction in equities a day after the rate hike was well received across markets, with many analysts sounding very bullish given how well stocks performed even as the Fed highlighted another hike by the end of the year. And while there does remain a bullish setup in the S&P 500, with a bull flag in order, there are other items of possible concern, chief of which is how the Nasdaq which has very much led the way higher from the 2022 lows with the AI trade driving global markets, has started to lag. The index put in a fresh ATH just a day before Kevin Warsh's first rate decision atop the Fed, and since then, it's been lower-highs. This isn't necessarily a doomsday item yet, but the fact that NVDA hasn't set a fresh high since March - even after a strong quarterly earnings report - along with this built-in lag in the Nasdaq, are items worth keeping attention on. That said, this chart can possibly be argued as bullish - provided that buyers make a quick return and take out the resitsance trendline, which currently helps to define an inverse head and shoulders pattern. But if this hawkish twist at the Fed weighs and appetite for chasing NVDA and other semi stocks continues to sour, we could be on the cusp of a larger turn ahead. - JS