Nasdaq 100 Slumps Ahead of Warsh's First FOMC Meeting

The Nasdaq 100 has been trading at 28,957.60, experiencing elevated volume ahead of the June 16 to 17 FOMC meeting, where Kevin Warsh will hold his first Fed Chair meeting.

Warsh's unknown reaction function is causing investors to take profits off the table, with price support now sitting at the 0.236 Fib level at 28,876. If this level is broken, the next serious decline would be to the EMA50 at 28,068.

The AI earnings that drove the Nasdaq from 22,834 remain unchanged, but the macro landscape has shifted with sticky inflation and a disinflation print no longer expected. The real yield is rising, which is a headwind for growth stocks valued on future earnings.