Nasdaq feeling the pressure ahead of FED meeting and outcome regarding interest rates.

The index is currently trading at 11865 as it dipped below the 23.6% Fibonacci retracement level. From a technical outlook the index could test the major support level at 11036 if the interest rates rise as expected post the FED meeting. A break below this level could see a further slide towards the mid 10000’s which was last seen at the start of the pandemic. Towards the upside, the 23.6% Fib retracement is the first resistance level (12389). A break above this could see an uptrend towards the 38.2% Fib (13226). In the long-term, this level of resistance would be the bigger test for the index. However, this is much dependent on the outcome of the meeting as it will play a huge influence. MACD is turning neutral from positive, and RSI reads 41 suggesting a negative stance.