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NASDAQ 100 futures have struggled on the back of the latest round of cheapening in the U.S. Tsy space, which isn't a surprise given the yield-sensitive nature of the index. The contract now sits ~6% shy of the all-time highs witnessed earlier this month.
- From a technical perspective, the recent move below the 21- & 50-DMAs has extended, taking the contract below uptrend support drawn off the COVID lows witnessed in March '20 on a closing basis. Bulls will look to move back above the trendline before the end of the week.
- Bears now eye the August 19 low (14,710.50), with any break there set to expose the July 19 low (14,445.00)
Fig. 1: NASDAQ 100 Futures (Continuation)
Source: MNI - Market News/Bloomberg