US stock markets hit major support levels on Friday

💡 DMK Insight

The Emini Nasdaq’s recent test of the 100-day moving average at 24250 is a critical moment for traders. Hitting this level alongside Fibonacci support at 24200/24000 could signal a potential reversal or further downside. If the index holds above these levels, it might attract buyers looking for a bounce, but a break below could trigger stop-loss orders and accelerate selling pressure. Keep an eye on volume; a surge here could confirm a trend shift. Conversely, if the index fails to hold, it could lead to a cascade effect, impacting tech stocks and correlated assets like the QQQ ETF. Traders should also monitor broader market sentiment, especially with upcoming economic indicators that could sway investor confidence.