Nasdaq 100 (US100) Technical Update Today: Index Positions Below S1

Daily outlook Bearish bias Oct 30, 2026, 12:18 UTC

Nathan BrooksUS Markets & Federal Reserve Analyst · ForexR analyst

The Nasdaq 100 declines 1.52% on the day, positioning below S1 resistance at 28812.3. All observed timeframes point to a downward trend as the market awaits US economic data and scheduled Federal Reserve commentary.

Nasdaq 100 (US100) Price Action and Volatility

During the active session hours of the London and New York overlap, the market for the Nasdaq 100 (US100) trades at a last price of 28634.5. This represents a decline of 443.1 points, placing the index down 1.52% on the day. Market pricing shows a bid of 28634.5 and an ask of 28637, resulting in a spread of 2.5 points. After recording a day open of 28982.4, the index established a day high of 29023.5 and a day low of 28610.7. The resulting intraday movement outlines a range covering 412.8 points. This current day range accounts for 76% of the 14-day average true range, which sits at 541.3 points. Regarding its placement among the technical pivot markers, the price currently sits between S2 at 28547 and S1 at 28812.3.

Trend and Momentum Alignment

Analyzing the directional structure, the observed timeframes agree on a downward trajectory for the index. On the daily chart, the trend is down, with the EMA20 located at 29730.5 and the EMA50 positioned at 29763.9. Despite this established downward structure, the price remains positioned above the daily EMA200 of 28043.6. The 14-period daily RSI reads 40.4. Shorter observation intervals align precisely with this broader view. The H4 chart shows a down trend, where the EMA20 is 29198.1 and the EMA50 rests at 29385. The H1 chart confirms this alignment, indicating a down trend that features its EMA20 at 28909.7 and its EMA50 at 29164.7. Over recent trading periods, the index posted a 5-day change of -0.94% and a wider 20-day change of -6.12%.

Key Technical Levels to Monitor

The nearest support level sits below the current market at S2 at 28547, positioned at a distance of 87.5 points. The nearest resistance is S1 at 28812.3, located 177.8 points away. The daily pivot is established higher at 29226. Further upward resistance maps out to R1 at 29491.3, R2 at 29905, and R3 at 30170.3. Below the market, additional technical support rests at S3 at 28133.3.

Looking back at the trading activity from the prior session, yesterday's open was 29616.7 and yesterday's close was 29077.6. The previous session produced a high of 29639.7 and a low of 28960.7. This prior day of trading generated a range of 679 points. Over the 5-day window, the index recorded a high of 30020.9 and a low of 28818. The broader 20-day period shows a high of 31365 and a low of 28818. For context on major psychological markers, the round level of 29000 sits above the current price, while 28000 is positioned below.

Bullish and Bearish Scenarios

A bearish scenario relies on a break below the trigger at S2 at 28547, which would open the way toward the target of S3 at 28133.3. A reversal moving back above the daily pivot at 29226 would invalidate this downside perspective.

Conversely, a bullish scenario requires a break above the trigger at R1 at 29491.3, opening the path to the target at R2 at 29905. A move falling back below the daily pivot at 29226 would invalidate the upside view.

Newsflow, Yields, and Upcoming Data

Today's newsflow highlights coverage of falling technology shares alongside ongoing discussions regarding artificial intelligence spending, as reported by CNBC and Seeking Alpha. The independent media mood reflects this coverage, with news volume running at 129% of the 90-day average. The opportunity reading registers a score of -78, which categorizes the media sentiment as bearish. In the futures market, as of the week to October 20, speculators added to their net long Nasdaq 100 (US100) position. Providing context outside the immediate equity index, US Treasury yields at the October 29 close showed the 3-month yield at 4.18%, the 2-year yield at 4.61% (down 6 basis points), and the 10-year yield at 4.98% (down 7 basis points). The 2s10s yield curve sat at 37 basis points.

The economic calendar outlines several upcoming US releases today. The Employment Cost Index is scheduled for 12:30 UTC, showing an estimate of 0.8 following a previous release of 0.9. At 13:45 UTC, the Chicago PMI is expected, bearing an estimate of 56.1 against a previous 58.8. Later in the session, the Federal Reserve takes focus with scheduled commentary. Daly is set to speak at 16:00 UTC, while Musalem follows with a speech at 16:30 UTC.

Bottom Line

The Nasdaq 100 proceeds through the London and New York overlap showing a 1.52% decline on the day. Technical indicators agree on a downward trend across the daily, H4, and H1 charts, maintaining the price beneath S1 resistance. Market participants now look toward upcoming US economic releases and scheduled Federal Reserve commentary before London closes at 16:00 UTC.