Last week delivered a sharp reality check for tech bulls as NAS100 shed over 4%, whilst US30 and the FTSE quietly held their ground. This week, I'm watching whether the Nasdaq can stabilise above 28,890 or if we're in for a deeper correction — with geopolitical noise from Iran and China adding fuel to an already jittery market.
US tech continues to lead as NAS100 surged 2.6% last week, while the dollar flexed its muscles against sterling and the euro. This week, I'm watching whether US30 can finally break above 52,000 and hold, or if we're setting up for a rejection that brings sellers back into play.
Tech got absolutely hammered last week, with NAS100 shedding nearly 5% in a sharp risk-off move that caught a lot of traders on the wrong side. This week, I'm watching whether US indices can find support here or if we're in for a deeper correction — the next 48 hours will be critical.
US indices closed May on a strong note with the Nasdaq leading the charge at +2.89% for the week, whilst the FTSE lagged behind in negative territory. This week brings ISM Manufacturing data and a test of whether the bulls can push US30 through 51,100 or if we're setting up for a pullback from these elevated levels.
Oil's collapse dominated last week as Iran peace talks sent crude tumbling over 10%, lifting risk appetite and pushing US indices to fresh highs. This week, I'm watching whether equities can hold these gains or if profit-taking kicks in ahead of the summer months.