NAS100 dropped on 1.32% on August 19

NAS100 dropped on 1.32% on August 19 as market participants are waiting for Powell's key rate comments

The Nasdaq and S&P 500 dipped on August 19, led by tech stocks, as investors awaited Federal Reserve Chair Jerome Powell’s comments on interest rates at the Jackson Hole symposium (Aug. 21-23). Analysts, including James Cox of Harris Financial Group, suggest markets are bracing for a possibly hawkish stance from Powell. Interest rate futures indicate two 25 bps cuts this year, starting in September. Concerns also rose over AI stocks after OpenAI’s CEO Sam Altman called them a bubble in a recent "The Verge" interview.

The price continued to drop during Asian and early European trading hours and reached the SMA200 on 4-h chart. This moving average is a traditionally strong support. The further rebound towards 23,500.00 level is expected with a final target of 23,700.00.