NAS100 Nears 31,000 as Weak Jobs Data Eases Fed Hike Fears
The NAS100 index is testing the 31,000 level after a weaker-than-expected September jobs report reduced the likelihood of a Fed rate hike in October. Nonfarm payrolls (NFP) added just 29,000 jobs, far below the expected 90,000, while the unemployment rate rose to 4.2% from 4.1%. The probability of an October Fed rate hike dropped sharply to 22.7% from 64.2% a week earlier, reflecting the softer economic data.
The Nasdaq Composite surged 1.19% on Friday, closing at 27,190.86, with strong gains from Nvidia (+1.3%) and Tesla (+4.7%). The NAS100 itself traded at 30,853.50, up 0.08% from the previous close, as investors reacted to the diminished Fed hike expectations. The index has been consolidating around 30,850-30,860, with resistance near 31,000 and support at 30,000.
Traders are now watching key economic indicators, including US inflation data and Fed commentary, for further clarity on monetary policy. A daily close above 31,000 would signal a breakout, while a drop below 30,000 could indicate a broader downside move. The near-term outlook remains cautiously bullish, but much depends on upcoming economic reports.
VT Markets highlights that the NAS100 remains sensitive to shifts in Fed policy and global risk sentiment. Traders can monitor support and resistance levels, moving averages, and breakout behavior to gauge the next move in the index.