Nasdaq 100 (NAS100)
Daily Read — Wednesday 3 June 2026
Current Price
30,572
Session
Under Pressure
What Happened Today
The Nasdaq 100 came under sustained selling pressure after the ISM Services print came in soft, reigniting concerns about demand destruction at the corporate level. Tech led the retreat as rate-sensitive growth names bore the brunt of the move, with the index testing the 30,500 zone before stabilising into the close.
Volume picked up on the downside leg, which matters. This was not a thin-market drift lower. Sellers were active and the bid thinned out noticeably below 30,600. The Nasdaq is now on its third consecutive session of VIX expansion, and fear and greed has rotated from Greed into Neutral territory.
Thursday brings earnings from Broadcom (AVGO), CrowdStrike (CRWD) and Palo Alto Networks (PANW) — all Nasdaq heavyweights. Any miss or cautious guidance will amplify this move lower. Friday’s Non-Farm Payrolls is the macro wildcard that could either stabilise the index or accelerate the selloff.
Key Levels
| Level | Price | Significance |
|---|---|---|
| Resistance 2 | 31,200 | Prior week high, supply zone |
| Resistance 1 | 30,800 | Intraday breakdown level, now ceiling |
| Pivot | 30,580 | Session close cluster |
| Support 1 | 30,300 | Multi-day demand shelf |
| Support 2 | 29,900 | Swing low, key structural level |
Current Bias
Three sessions of rising VIX, ISM weakness, small caps leading lower — the near-term setup favours continued selling unless Thursday’s earnings deliver meaningful upside surprises.
What to Watch Tomorrow
- AVGO, CRWD and PANW earnings after hours — guidance tone is everything right now
- Any follow-through below 30,300 opens the door to 29,900
- Watch whether 30,800 acts as a hard ceiling on any bounce attempt
- Pre-NFP positioning may keep ranges compressed through Thursday afternoon
Risk Assessment
Elevated. Around 65% risk environment. Three factors are compounding simultaneously: macro data weakness, VIX expansion, and a heavy earnings cluster. Markets are not pricing certainty right now.
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