NSDQ100 sideways consolidation support at 23664Yesterday’s market action flipped from Wednesday’s pattern, with US Treasury yields jumping (10yr +5.1bps) after a much hotter-than-expected July Producer Price Index. Headline PPI surged +0.9% MoM (+3.3% YoY) vs. +0.2%/+2.5% expected — the largest monthly gain since March 2022 — and core PPI rose +0.6% MoM (+2.8% YoY) vs. +0.2%/+2.5% expected. The surprise beat every Bloomberg economist’s forecast and dims the chances of a September Fed rate cut. However, PPI components tied to core PCE — the Fed’s preferred inflation gauge — showed only a modest uptick (+0.29% vs. +0.26%), offering some relief. Despite rate cut bets being pared back, the S&P 500 still closed slightly higher (+0.03%), logging a third straight record high.
Geopolitical note:
Trump and Putin are set to meet in Alaska tonight over Ukraine, with low expectations for an immediate breakthrough.
Conclusion for NASDAQ-100:
The hotter inflation print and higher yields introduce near-term headwinds, especially for rate-sensitive growth stocks. However, the market’s resilience yesterday suggests bullish momentum remains intact for now — but upside in the NASDAQ-100 may be capped until inflation data eases or Fed policy expectations shift dovishly again.
Key Support and Resistance Levels
Resistance Level 1: 23965
Resistance Level 2: 24120
Resistance Level 3: 24290
Support Level 1: 23664
Support Level 2: 23533
Support Level 3: 23422
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