The Nasdaq 100 struggles as worries about more rate hikes from the Fed linger. The consolidation has met bids over 12200, keeping this month’s breakout rally intact. A swing above 12670 eased some pressure and showed the bulls’ commitment in maintaining the upward bias. However, the RSI’s double top in the overbought area has so far limited demand as some might be wary of getting caught in a correction. 12200 is a key support as the RSI swings into the oversold area. 12650 has become a fresh resistance.
