Nasdaq 100 and FTSE 100 hold steady ahead of FOMC decision
US tech stocks dropped sharply yesterday but have recovered slightly, while the FTSE 100 is holding on to recent gains.
Nasdaq 100
Hopes of a continued rebound were negated yesterday was the Nasdaq 100 index slumped, giving back a chunk of the gains made since the low of last week.
While the selling has paused overnight, a close back below 19,300 would put further pressure on the index and suggest a renewed move to the downside. This might then target the September lows at 18,320 in the first instance. A close back above 19,800 is needed to put the buyers back in charge.
FTSE 100
The FTSE 100 index managed to eke out a small gain yesterday, leaving the bounce from last week’s low at 8500 intact.
Further gains target the 8900 highs from the beginning of March, while sellers will be looking for a reversal back below 8600 in order to open the way to a new test of 8500 support.
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