The Nasdaq 100 consolidates as the Fed stays committed to raising rates to rein in inflation. The market mood further improved after a close above last May’s high at 13500. However, the RSI has edged again into the overbought zone on the daily chart and suggests that the bull run could use some breathing room. The index is consolidating its gains above 13280 which coincides with the 20-day moving average. Buying interest could be expected in this congestion area. A rally above 13700 could lift offers towards 14200.
