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Published: 26 June 2026,07:12
Daily Market Analysis New
*Nasdaq futures fell to fresh weekly lows below the key 29,000 level, signaling weakening momentum and a shift toward a more bearish near-term outlook for technology and growth stocks.
*The positive impact from Micron’s strong earnings has faded as hotter-than-expected U.S. core PCE inflation data reignited concerns over a higher-for-longer Federal Reserve policy stance.
*Persistent inflation pressures and delayed rate-cut expectations continue to weigh on valuations.
The Nasdaq futures dipped to new weekly lows below the 29,000 mark in this week’s trading, signaling a clear shift toward bearish territory for the index. This technical breakdown reflects fading momentum and broader risk-off sentiment across growth-oriented stocks, with the index struggling to maintain support amid renewed macroeconomic pressures.
The initial positive catalyst from Micron Technology’s strong quarterly earnings, which exceeded expectations and initially boosted semiconductor and AI-related names, has largely faded. While the results underscored resilience in high-bandwidth memory demand, the broader market has moved on as macro factors took center stage.
The release of hotter-than-expected U.S. core PCE inflation data has significantly cooled investor sentiment. The Federal Reserve’s preferred inflation gauge reinforced expectations of a hawkish policy stance and prolonged higher-for-longer interest rates. This has raised concerns over delayed rate cuts, increased borrowing costs, and potential pressure on valuation multiples for growth stocks that dominate the Nasdaq.
The near-term outlook for the Nasdaq is cautious to bearish. The move below 29,000 suggests potential for further downside tests in the coming sessions, with key support levels possibly extending toward recent monthly lows. A failure to reclaim the 29,000–29,500 zone quickly could invite additional selling. Stabilization would likely require cooler inflation signals or dovish shifts in Fed rhetoric, but near-term volatility is expected to remain elevated.
Technical Analysis
Nasdaq Composite was previously attempting to stabilize above a critical liquidity zone near the 29,335.00 level. However, the index failed to reclaim and sustain trading above the key psychological threshold at 30,000, indicating that buying momentum remains insufficient to reverse the prevailing weakness.
The subsequent decline has resulted in the formation of a lower-low price pattern, a classic indication that the bearish trend remains intact. This development suggests that sellers continue to dominate the market and that downside pressure is building following the rejection from higher levels.
The inability to regain the 30,000 mark is particularly significant, as this level serves as both a psychological barrier and an important technical resistance zone. As long as the index remains below this threshold, the broader outlook is likely to remain tilted to the downside.
Attention now turns to the immediate support level at 28,695.50. This area represents a critical line of defense for the bulls and could determine the next major directional move for the index. A successful hold above this support may allow Nasdaq to consolidate and attempt another recovery.
However, a decisive break below 28,695.50 would further reinforce the bearish structure and signal an acceleration of selling pressure. Such a move could trigger a deeper correction and expose the next major downside target near the 27,000 level.
Resistance Levels: 29,365.00, 30,000.00
Support Levels: 28,695.50, 27,840.10
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