Crypto
Nasdaq-100 Faces $698 Floor or Bearish Squeeze
The Nasdaq-100, as represented by the QQQ token on Binance, is trading at $704.12, just above its support floor of $701. The market's macro setup is hostile for growth stocks, with a 66% probability of a 25-basis-point Fed rate hike priced into the September 16th FOMC meeting.
According to CME FedWatch, this hawkish pivot will further compress Nasdaq-100 P/E multiples and drag QQQ through the $701 support shelf toward $698.06 and likely $688, $690 in a momentum flush.
The tokenized market on Binance is particularly interesting as it allows for 24/7 price discovery, whereas traditional ETF holders are locked out overnight.