The Nasdaq 100 could rebound in the coming weeks
US stock markets appear to have started a rebound in their first session of the week on Tuesday. The S&P 500, Nasdaq 100 and other major indexes rebounded sharply after a week of steep declines. All sectors ended positive, with the energy sector in pole position, and more than 80% of NYSE stocks ended higher yesterday.
It must be said that the sentiment of market operators had become extremely pessimistic last week. The various opinion polls showed that they had fallen to extremely low levels, similar to those seen in May before the market rebound.
Wall Street’s sharp rebound on Tuesday is a sign of renewed investor risk appetite, but Wall Street will have to push more than 80% of NYSE stocks higher again on Wednesday for the scenario of a major bounce is more realistic.
Jerome Powell’s hearing before the US Congress on Wednesday and Thursday will probably be crucial for the market rebound. Traders will be watching the Fed Chairman’s comments closely, especially those on inflation and the expected impact of rates on economic growth.
Nasdaq 100 daily price chart – key levels