10 July 2025,02:52
Daily Market Analysis
10 July 2025, 02:52
*Nasdaq rose nearly 200 points, driven by a sharp rally in Nvidia.
*Fed minutes showed some officials open to a rate cut as early as July.
*Market sentiment improved after Trump signaled positive progress in trade talks with the EU.
U.S. equity markets extended their rally in the last session, with both the S&P 500 and Nasdaq pushing toward fresh record highs. The Nasdaq, in particular, advanced nearly 200 points, fueled by a sharp rise in Nvidia shares. The AI bellwether surged to a $4 trillion market capitalization, underpinned by relentless demand for its advanced AI chips. The move reinforced investor confidence in the artificial intelligence sector and lifted expectations for Nvidia’s future earnings performance.
The AI-driven rally has been a key catalyst propelling U.S. equities higher, with tech giants continuing to lead gains across the board.
In addition to corporate momentum, market sentiment also responded to the release of the Federal Reserve’s meeting minutes. While the minutes revealed that several officials supported the prospect of an interest rate cut as early as July, broader consensus remained cautious due to ongoing concerns over President Trump’s aggressive tariff policies. The potential inflationary impact of higher tariffs—especially those recently imposed on major U.S. trading partners such as Japan and South Korea—has tempered the Fed’s dovish inclinations.
However, risk appetite received some relief after President Trump struck a more conciliatory tone in a press conference, signaling that trade negotiations, particularly with the European Union, were progressing positively. The shift in rhetoric helped ease some of the earlier concerns that had weighed on sentiment earlier this week.
The Nasdaq continues to trade within its established uptrend channel, with the bullish trajectory expected to extend despite a minor technical retracement seen in earlier sessions. The index has reclaimed all-time high territory, reaching the 20,645 mark—reinforcing a bullish bias for the benchmark.
However, momentum indicators point to a possible moderation in the pace of gains. The Relative Strength Index (RSI) remains comfortably above the midline, signaling continued underlying strength, but the MACD is showing signs of fatigue, forming a lower-high pattern. This suggests that while the broader uptrend remains intact, bullish momentum may be losing steam in the near term.
Resistance levels: 20930.00, 21390.00
Support levels: 20315.00, 19705.00
Nvidia Corp. extended its rally, with shares climbing nearly 2% in the last session to notch a fresh all-time high at $163.88. The stock continues to hold above its uptrend support, underpinned by a strong technical backdrop.
Moving averages are flashing bullish signals, with both the 20-day and 50-day simple moving averages crossing above the 100-day SMA—a classic bullish formation. Momentum indicators also point to sustained upward pressure: the Relative Strength Index (RSI) has entered overbought territory, while the MACD has rebounded above the zero line and is gradually trending higher, suggesting a renewed acceleration in bullish momentum.
Resistance levels: 168.35, 178.00
Support levels: 152.40, 139.35
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