The Nasdaq led Wall Street higher as it put aside Fed Chair Jerome Powell pumping up the hawkish mantra and focused on positive data to finish the cash session with solid gains.

The Nasdaq ended with a 2.76% rally, although futures are pointing to a soft start to the upcoming day session. There are a series of descending trend lines above and below the price which may suggest a bear market is unfolding. The snap move below 12700 went through a previous low and one of the descending trend lines. That might now be an area of resistance just above 12700 as there is a topside descending trend line near there. Support could be at the recent low of 11689 or the at the low trend line, currently at 11200. 

NAS100 W1 05 18 2022 1016

 

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