NASDAQ100 INDEX - 4H - Technical analysis published on 08/29/2024 (GMT)

Fundamentals:The index experienced a decline despite strong earnings reports from major tech players like Nvidia (NVDA), Crowdstrike, and Salesforce. Although these companies exceeded expectations for their current earnings, their forward guidance did not meet market expectations, leading to a pullback in their stock prices.With the majority of key earnings reports now behind us, market participants will likely turn their attention to broader economic indicators and the Federal Reserve's potential rate cuts. This transition in focus, coupled with the upcoming Personal Consumption Expenditures (PCE) data, points to a period of continued volatility for the index as investors reassess their positions in light of evolving economic conditions.Technicals: USTEC broke its support at 19485 and EMA78. The index headed to nearby support around 18900, shifting the structure downward. If USTEC breaks below its support at 18900, the index may extend its decline to 18440. Conversely, USTEC may return to around 19300-19400 if the index retraces before its downward continuation.