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Published: 9 July 2026,06:50
Chart The Market
Nasdaq, H4:
Nasdaq Composite is showing signs of recovering after rebounding from its recent low near 28,700.00. The rebound suggests that buying interest has emerged at lower levels, allowing the index to stage a short-term recovery following the recent sell-off.
Despite the improvement in price action, the Nasdaq is now approaching a critical technical hurdle at the downtrend resistance line near 29,450.00. This level represents a significant barrier, where previous rallies have been met with renewed selling pressure, making it a key area to determine the index’s next directional move.
In the near term, the index is expected to encounter resistance around the 29,450.00 level. A rejection from this trendline would suggest that the broader bearish structure remains intact and that the recent rebound is merely a corrective rally within the prevailing downtrend. Such a scenario could trigger another round of selling and place the recent lows back into focus.
Conversely, a decisive breakout above the 29,450.00 resistance level would constitute a structural break, indicating that buyers have regained control of the market. Such a move would invalidate the current downtrend and provide a strong bullish signal, increasing the likelihood of a broader recovery in the sessions ahead.
Resistance Levels: 29,672.30, 30,217.80
Support Levels: 29,061.30, 28,473.90
Crude Oil, H4
West Texas Intermediate has broken above its week-long consolidation range, which had formed around its lowest level since February. The breakout represents a positive technical development, suggesting that the recent bearish phase may have ended and that bullish momentum is beginning to emerge.
Following the breakout, crude oil rallied by more than 9% in the previous session, reflecting a sharp improvement in market sentiment and renewed buying interest. The strong advance confirms that buyers have regained control after an extended period of sideways trading.
Despite the constructive outlook, the pace of the recent rally suggests that bullish momentum may be temporarily overextended. After such a significant gain in a short period, crude oil could experience a healthy technical pullback as traders lock in profits before the next directional move.
A retracement toward the $72.00 support level would be viewed as a normal correction within the broader recovery rather than a reversal of the emerging uptrend. As long as this support holds, the overall bullish structure is expected to remain intact, providing the market with an opportunity to build a stronger base for another leg higher.
Resistance Levels: 77.50, 84.80
Support Levels:72.35, 62.20
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