S&P 500, Nasdaq 100: Time to Buy the Dip? Watch These Support Levels for Clues

Last week, geopolitical tensions dampened investor confidence, leading to a sell-off in the S&P 500 and Nasdaq 100.

Recent comments from Fed officials signal a slowdown in disinflation, raising concerns that interest rate cuts might be pushed back to next year.the first cut in September, a significant delay from the March forecast anticipated just a few months ago in December/January.The Nasdaq 100 has already dropped nearly 6%, and the selling pressure shows no signs of abating.

The reaction to the current test of this level is key. A strong rejection could signal the end of the rebound and a fresh downward move. However, considering the recent dominance of bears, further declines seem more probable.The recent market downturn suggests the S&P 500 could fall below the key 5,000 level. But technically, a more crucial support zone lies at 4,800 – a level defined by historical highs.

However, a breakout below both the 4600 support and the downtrend line could trigger a steeper decline.

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