Nasdaq index extends weekly gain to 2.6% as tech momentum defies Powell stance
The Nasdaq Composite Index surged another 1.4% on Tuesday, adding 280 points and pushing through the key $19,800 resistance level that had capped the broader uptrend in recent weeks.
The move brought the index to a high of $19,950 and extended its week-to-date gain to 490 points, or 2.6%.
Highlights
-Nasdaq gains 1.4% today breaking above $19,800 resistance
-Bullish momentum builds despite Powell’s hawkish stance as RSI trends higher
-Supply zone near $20,000 caps upside while $19,800 has flipped into support
The rally began earlier in the week after the index bounced off the 20-day EMA at $19,350. From that support, the bullish momentum strengthened on improving global sentiment following the ceasefire deal between Israel and Iran. The easing of geopolitical tension provided a lift to risk assets, particularly technology stocks, which dominate the Nasdaq index.
NASDAQ price dynamics (Oct 2024 - June 2025). Source: TradingView
Despite Jerome Powell’s hawkish tone on rate cuts, traders continued to rotate into growth-focused names. The Nasdaq's ability to rally in the face of tighter policy expectations reflects strong investor conviction and an optimistic earnings outlook. This resilience sets the tone for a potential breakout in the days ahead.
Nasdaq faces resistance at February supply zone ahead of Powell update
Technically, the rally on Tuesday stalled at the base of a key supply zone, which was created during the sell-off in February. That zone is now acting as a near-term barrier. A clean break above this area would open the door toward the February high of $20,110, which marks the next major upside target.
The index now trades in a tight range between the old resistance turned support at $19,800 and the supply zone just below $20,000. Momentum indicators are still supportive. The daily RSI is trending higher in bullish territory and is not yet overbought, leaving room for additional upside before reaching exhaustion levels.
For now, the Nasdaq sits just below a five-month-high, and traders are watching closely for Federal Reserve Chair Jerome Powell’s next round of testimony. While the market expects no immediate shift in policy, any subtle hint about inflation outlook or timing for rate adjustments could affect short-term sentiment.
Nasdaq bounced over 0.9% after finding support at the 20-day EMA and Fibonacci level. The rebound was fueled by easing Middle East tensions and hopes of a dovish Powell testimony.
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