{
  "id": 6057046,
  "title": "Nasdaq faces first key resistance as uncertainty mounts",
  "url": "https://urgent.news/2026/09/06/nasdaq-faces-first-key-resistance-as-uncertainty-mounts",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-06T23:00:00.000Z",
  "source": {
    "name": "The Business Times - Companies & Markets",
    "slug": "the-business-times-companies-markets",
    "url": "https://www.businesstimes.com.sg/companies-markets/nasdaq-faces-first-key-resistance-uncertainty-mounts"
  },
  "original_language": "en",
  "account": "The Nasdaq 100 index has regained much of the ground lost during July's sharp decline, closing at 29,461 on September 2nd after a 1.24 percent gain. This marks the index's best August performance since 2021, recovering from its steepest monthly decline since March 2025, which saw a 6.6 percent drop. However, beneath this recovery, the macro backdrop has become increasingly hostile to long-duration growth stocks since the Jackson Hole meeting. Fed Chair Kevin Warsh's hawkish address at the meeting reiterated the Fed's 2 percent PCE target, increasing expectations for a September rate hike to above 60 percent, before easing to around 52 percent after Fed Governor Christopher Waller signaled support for holding rates steady at the September FOMC meeting, contingent on further evidence of disinflation from the August inflation data. The rare public divergence between Warsh and Waller underscores the uncertainty surrounding the Fed's future policy actions. Two additional pressures include the recent US strikes on Iranian targets, which have reignited concerns over oil prices and inflation, and the upcoming economic data, particularly the August CPI report on September 11th and the FOMC meeting. Corporate earnings have provided some relief, with Nvidia surging nearly 9 percent following its August earnings report, highlighting optimism around AI capital expenditure. However, the daily chart indicates a correction, recovery, and now consolidation phase, with the index returning to the underside of its 20-day simple moving average (SMA) at 29,497, marking its first key resistance level. This area is supported by a tight cluster of moving averages, including the 50-day SMA at 29,223 and the 100-day SMA at 29,111, all of which remain in bullish alignment and are rising. The wider price structure also suggests a constructive technical framework, with an ascending channel from the April 2026 low potentially taking the index towards the 30,700 area, close to the June peak. A decisive close above the 20-day SMA at 29,497 would signal the continuation of August's recovery, opening the path towards the 30,000, 30,360, and 30,762 resistance levels. Conversely, a rejection at the 20-day SMA and a break below the 29,100-29,223 SMA cluster could signal a retest of the late-July low near 27,200. A break below the 200-day SMA at 27,094 would indicate a more significant technical downturn. While the Nasdaq's technical posture is currently constructive, the underlying uncertainty around Fed policy, rising Treasury yields, and an unpredictable economic data calendar warrants a measured approach. Bulls may consider accumulating on pullbacks towards the 29,100-29,223 support cluster, with a weekly close above 30,000 potentially attracting trend-followers back into the market.",
  "summary": "The Nasdaq 100 has fully recovered from July’s sharp correction, but the calendar ahead offers little room for complacency. The index closed...",
  "key_points": [
    "Nasdaq 100 recovers 1.24% in August, best since 2021",
    "Fed Chair Warsh warns of higher rates, creating uncertainty",
    "Key resistance at 20-day SMA 29,497, potential path to 30,000"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}