What to Know

  • Elevated interest rates continue to weigh on U.S. stock markets.
  • NASDAQ 100 remains range-bound between 28,500 support and 30,000 resistance.
  • The longer-term NASDAQ 100 outlook remains bullish despite short-term uncertainty.
  • S&P 500 holds above 7,800, with the 50-day EMA reinforcing support.
  • Friday’s U.S. jobs report could provide the next major catalyst for both indices.

The macroeconomic backdrop right now is very difficult for most traders to deal with, as we are looking at higher than usual interest rates, and this continues to be something that I think is a bit of a story here. Market participants are looking for some type of relief from higher rates, and they just aren't getting that. So, it has put some downward pressure on the overall stock market. As we continue to see a lot of inflation expectations from the Middle East and energy, this will only get worse.

Ultimately, I do believe that we have a situation where traders are probably somewhat stuck here as to what to do. After all, it is difficult to fathom what exactly will happen in an environment where oil continues to rise. Furthermore, Kevin Warsh last week on Friday at Jackson Hole basically said the Federal Reserve is going to remain tight.

NASDAQ 100

Nasdaq 100 Chart, September 01, 2026 (TradingView)
Nasdaq 100 Chart, September 01, 2026 (TradingView)

So, with that in mind, the NASDAQ 100 is holding up fairly well, all things considered. After all, the market has plenty to worry about, but we're basically sideways. We are stuck between 28,500 underneath as a support level and 30,000 as a resistance level. Ultimately, this is a market that I think remains somewhat range-bound, but longer term looks bullish, so buyers still seem to be willing to defend. Now, keep in mind, Friday is the jobs report.

S&P 500

S&P 500 Chart, September 01, 2026 (TradingView)
S&P 500 Chart, September 01, 2026 (TradingView)

The S&P 500 has pulled back a little bit early on Tuesday, but it is still sitting above the 7,800 level. That's an area that could, in fact, end up being somewhat supportive, as it was previous resistance, and the 50-day EMA is sitting right there as well. This could help with support going forward as we wait for the jobs numbers.

So, all things being equal, this is a market that looks like it is near support. Traders will perhaps look to this as a potential buying opportunity, but also keep in mind, again, those jobs report numbers come out on Friday, so the next couple of days might be more about stabilization.

For more daily forecasts and expert analysis on major US indices, including the NASDAQ 100, and S&P 500, visit our Indices Forecasts section and stay ahead of market trends.