Nasdaq 100 (US100) Forecast Today: Tech Index Slides Ahead of GDP Data

Daily outlook Neutral bias Oct 29, 2026, 12:18 UTC

Nathan BrooksUS Markets & Federal Reserve Analyst · ForexR analyst

The Nasdaq 100 trades lower in a mixed technical environment as traders await heavy US economic data. Price sits between immediate support at S1 and resistance at the previous day low.

Nasdaq 100 Retreats in the Overlap Session

During the London and New York overlap, the Nasdaq 100 (US100) sits at 29452.4, down 112.5 points, or 0.38%, on the day. Price is positioned between S1 at 29382.4 and the daily pivot at 29701.7. The day's extremes are 29639.7 and 29331.1. This range of 308.6 points accounts for 58% of the 14-day ATR of 530.7 points. Market liquidity shows bid and ask prices at 29452.4 and 29454.9, leaving a spread of 2.5 points.

Timeframe Signals Conflict

The daily trend is mixed, with price trading above the 200-day EMA of 28037.7 while the 20-day and 50-day EMAs stand at 29799.2 and 29791.9. The 4-hour chart points down, defined by the 20-period EMA at 29491.6 and the 50-period EMA at 29525.6. The 1-hour timeframe remains mixed, displaying a 20-period EMA of 29537.1 and a 50-period EMA of 29533.1. Momentum on the daily chart shows the 14-period RSI at 46. With structural reads diverging across timeframes, the overarching technical bias is neutral.

Near-Term Resistance and Support

The nearest resistance sits at the previous day low of 29519.2, and the closest support is S1 at 29382.4. Mapping the immediate boundaries with pivot points, the daily pivot rests at 29701.7. Further upside barriers include R1 at 29884.1, R2 at 30203.4, and R3 at 30385.8. Below the market, additional support levels are S2 at 29200 and S3 at 28880.7. Yesterday's session registered a high of 30020.9 and a low of 29519.2. Looking at broader historical windows, the 5-day range has a high of 30020.9 and a low of 28818. Separately, the 20-day range spans from a high of 31365 to a low of 28818. Psychological round levels position 29000 below and 30000 above the current market.

Bullish and Bearish Paths

A break above R1 at 29884.1 would open the way to R2 at 30203.4; a move back below the daily pivot at 29701.7 would invalidate it. On the downside, a break below S1 at 29382.4 would open the way to S2 at 29200; a move back above the daily pivot at 29701.7 would invalidate it.

US GDP, PCE Data, and Market Sentiment

The economic calendar centers on a heavy lineup of US data scheduled for release today at 12:30 UTC. Annualized Gross Domestic Product carries an estimate of 3.2 against a previous 2.2, alongside the GDP Price Index expected at 3.5 compared to the prior 6.1. Crucial inflation figures arrive at the same time, with the Core PCE Price Index MoM estimated at 0.3 against a previous 0.2, and the Core PCE Price Index YoY estimated at 3.1 versus a prior 3.0. Other 12:30 UTC prints include Initial Jobless Claims with an estimate of 199 against a previous 194, and Personal Spending with an estimate of 0.6 versus a previous 0.9.

In the newsflow, mixed Big Tech results are testing the AI trade, as reported by Reuters. Media volume currently runs at 131% of the 90-day average, while the opportunity reading registers a bullish score of 16. Setting the broader backdrop, US Treasury yields at the October 28 daily close showed the 2-year yield at 4.67%, down 3 basis points, and the 10-year yield at 5.05%, up 6 basis points. As of the week to October 20, speculators added to net long Nasdaq 100 (US100), with large non-commercial traders holding 70.9% long and 29.1% short positions for a net total of 50726 contracts.

Session Takeaway

The Nasdaq 100 trades lower within a neutral overarching framework as timeframes conflict. Price is compressed between immediate support at S1 and resistance at the previous day low. Direction for the remainder of the session may hinge on the market's reaction to the 12:30 UTC block of US GDP and Core PCE data.