The tech-heavy Nasdaq Composite edged up 0.3% on Wednesday, buoyed by a continued rally in AI stocks, particularly Nvidia. Nvidia’s recent surge, despite a 0.9% decline on Wednesday, has significantly influenced the index, contributing to its impressive 18.4% first-half gain. The broader market sentiment remains cautious as investors await upcoming inflation data, which could shape expectations for Federal Reserve policy adjustments later this year.
The Nasdaq Composite is experiencing downward pressure, currently trading around 19,696. Key support levels are at 19,649 and 19,595, with resistance at 19,783.6 and 19,995.8. The Relative Strength Index (RSI) at 48.38 indicates weakening momentum. The 50-period moving average is acting as resistance, suggesting potential for further decline if support levels fail to hold.
