Nasdaq 100: Wall Street may try to bounce back from its 11,000-point support

Wall Street regains key near-term support levels

The New York Stock Exchange ended sharply lower on Thursday, weighed down by Apple’s outsized losses (-4.9%) following the downgrade by Bank of America, which moved from a buy recommendation to neutral , amid concerns about negative earnings estimate revisions.

Wall Street also faced concerns after the Cleveland Fed chairman said the Federal Reserve was not yet in restrictive territory with its key interest rate, the British prime minister defended his plan to cut taxes and Putin prepared to announce the annexation of four Ukrainian territories.

Markets also had to digest weekly jobless claims, which fell to their lowest level (193,000) since early May, giving the Fed reason to maintain an aggressive line with its rate hikes.

Thus, the main US indices return to test key support levels at 11,000 for the Nasdaq, 3,650 points for the S&P 500 and 1,650 points for the Russell 2000.

Nasdaq 100 Daily Price Chart – Key Levels


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