NASDAQ Forecast for July 29, 2026
Yesterday, the NASDAQ showed a strong breakout from the margin zone and call spread.
Today's session will be defined by the anticipation of the Federal Reserve's interest rate decision. The market expectation is for the rate to remain unchanged; however, should the Fed unexpectedly hike rates, the dollar will likely strengthen rapidly. That said, the most probable scenario remains that rates will hold, meaning the market will focus closely on Warsh and his press conference.
The conflict in Iran and the potential blockade of the strait are influencing inflation and interest rate policy. However, hearing directly from the Fed Chair regarding his views on monetary policy in the current environment will be the primary catalyst for market expectations, suggesting that the evening session is likely to be volatile.
Regarding the upside targets, which I believe will serve as resistance levels in the event of a breakout:
- 27000-27300: Significant put spread exposure accumulated yesterday, coinciding with a margin zone nearby.
- 28500-28600: Margin range and call structure alignment.
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