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Published: 6 October 2026,09:51
Daily Market Analysis New
*The Nasdaq has broken above 31,000 to fresh record highs, supported by strong demand for AI and growth-oriented technology stocks.
*Weaker employment data has reduced expectations for an imminent Fed rate hike, allowing stocks to advance despite elevated Treasury yields.
*Hawkish signals from the FOMC minutes and rising U.S. midterm election uncertainty could disrupt the Nasdaq’s bullish momentum.
While the foreign exchange market remains relatively subdued and both gold and silver continue to trade within narrow ranges, investor attention has firmly shifted toward U.S. equities, with the tech-heavy Nasdaq leading the advance. The Nasdaq has surged beyond the 31,000 mark to record fresh all-time highs, reflecting sustained optimism surrounding artificial intelligence and broader growth-sector momentum. Technology names continue to attract strong buying interest as markets prioritise structural themes over near-term macroeconomic noise.
The softer-than-expected Nonfarm Payrolls data released last Friday has further supported risk appetite by reducing the probability of an imminent Federal Reserve rate hike, allowing equities to extend gains despite still-elevated Treasury yields. Equities appear positioned to push higher in the near term, underpinned by AI-related earnings expectations and capital expenditure trends. However, two potential headwinds are emerging. The U.S. midterm election campaign is intensifying, introducing political uncertainty that historically can elevate volatility in the weeks leading up to the vote. In addition, the release of the Federal Open Market Committee’s September meeting minutes later this week will be closely scrutinised for any insights into policymakers’ views on inflation persistence and the appropriate path for rates, which could temper the current bullish momentum if the tone proves more hawkish than anticipated.
Overall, the combination of technology sector strength and a less immediate tightening outlook continues to favour the Nasdaq, though traders remain alert to shifts in Fed communication and political developments that could alter the constructive backdrop.
Nasdaq, H4:
The Nasdaq has confirmed its breakout from a long-term ascending-triangle formation and is holding firmly above the 31,000 threshold for the first time. The sustained move beyond this key psychological level reinforces the index’s bullish technical structure and suggests that buyers remain firmly in control.
Momentum indicators continue to support the positive outlook. The MACD is extending its advance after rebounding above the zero line, signalling a further strengthening of upside momentum. Meanwhile, the Relative Strength Index remains close to overbought territory, reflecting persistent buying pressure and strong market conviction.
The near-term bias remains bullish as long as the Nasdaq maintains a foothold above 31,000, which may now serve as an important support level. However, with the RSI approaching overbought conditions, a period of consolidation or a modest technical pullback cannot be ruled out. Any retracement is likely to remain corrective unless the index falls decisively below the breakout zone.
Resistance Levels:31,400.00, 32.190.00
Support Levels:30,830.00, 30,132.00
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