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Published: 17 July 2026,06:41
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*All three major U.S. indices closed lower, with the Nasdaq falling around 1.4% as technology stocks remained under heavy selling pressure.
*Escalating Middle East tensions, inflation concerns, and uncertainty over the Federal Reserve’s policy outlook continued to dampen risk appetite, while semiconductor weakness added further pressure to the tech sector.
*Near-term direction will depend on geopolitical developments, upcoming U.S. economic data, and corporate earnings. Any easing in tensions or softer macro data could support a relief rally.
All three major U.S. indices closed lower in the last session, with the Nasdaq Composite experiencing the steepest decline at approximately 1.4%. The Dow Jones Industrial Average and S&P 500 also posted modest losses, reflecting a broad risk-off tone across the market. Technology stocks bore the brunt of the selling, as evidenced by continued weakness in major names. Micron Technology, for instance, has fallen more than 30% from its all-time peak and has broken below the psychological $900 level, underscoring sector-specific pressures.
Several bearish factors contributed to the downturn. Escalating geopolitical tensions in the Middle East have heightened concerns over oil supply disruptions and potential inflationary spillovers, prompting investors to reduce exposure to risk assets. The technology sector, which dominates the Nasdaq, remains particularly sensitive to shifts in risk sentiment and interest rate expectations. Persistent uncertainty around the Federal Reserve’s policy path, combined with mixed corporate earnings results, has further weighed on growth-oriented stocks. Micron’s sharp decline highlights broader challenges in the semiconductor industry, including cyclical demand worries and competitive pressures despite long-term AI tailwinds.
In the near term, the U.S. equities market is expected to remain volatile and range-bound. The Nasdaq and broader indices may face continued downside pressure if Middle East tensions intensify or if upcoming economic data, such as regional Fed reports, reinforce inflation concerns. However, any signs of de-escalation in geopolitics or softer economic readings could support a rebound, especially if they revive hopes for monetary easing. Technical support levels will be closely watched, with potential for sharp moves around key earnings releases and policy signals.
Overall, sentiment has turned more cautious, with investors prioritizing defensive positioning amid multiple uncertainties. The market’s direction will likely hinge on developments in the Middle East, corporate earnings momentum, and fresh macroeconomic indicators in the days ahead.
Technical Analysis
Micron Technology has entered a clear bearish trend after declining more than 30% from its recent peak. The sell-off accelerated after the stock broke below the pivotal support level at $900.00, confirming a bearish trend reversal and signaling that sellers have firmly regained control of the market.
The bearish outlook was first established when the share price broke below its long-term ascending trendline, marking the end of the previous uptrend. The subsequent breakdown below $900.00 has further reinforced this negative technical structure, validating the shift toward a broader downtrend.
The latest price action continues to support the bearish bias, with the stock failing to reclaim key resistance levels and maintaining a series of lower highs and lower lows. This suggests that downside momentum remains intact, increasing the probability of further weakness in the near term.
If the current bearish momentum persists, the next downside target is projected around $676.00, which represents the next major support zone and a potential area where buyers may begin to re-emerge.
Resistance Levels:1076.30, 1246.80
Support Levels:667.60, 464.55
Nasdaq Composite has confirmed a bearish trend reversal after forming a triple-top pattern and subsequently breaking below the critical support level near 29,000. The breakdown validates the bearish implications of the reversal pattern, indicating that sellers have regained control and that the recent bullish momentum has faded.
The move below 29,000 represents a significant structural breakdown, reinforcing the negative technical outlook and increasing the likelihood of further downside in the near term. The failure to hold above this key support level suggests that the previous recovery has been invalidated, shifting the market bias firmly in favor of the bears.
Momentum indicators also support the bearish scenario. The Relative Strength Index (RSI) is on the verge of entering oversold territory, reflecting the strength of the recent selling pressure. Meanwhile, the Moving Average Convergence Divergence (MACD) remains below the zero line, indicating that bearish momentum is firmly established and continues to dominate the market.
Although the RSI approaching oversold levels may increase the probability of a short-term technical rebound, the broader technical outlook remains negative as long as the Nasdaq continues to trade below the 29,000 support level.
Resistance Levels:1076.30, 1246.80
Support Levels:667.60, 464.55
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