Basic
Overview

Final Friday, Fed Chair
Powell delivered a extra dovish than anticipated speech on the Jackson Gap Symposium as he
mainly stored the door open for a 50 bps lower on the September assembly. The
line saying that they are going to do every little thing they will to help a robust labour
market was key.

Regardless of this, the Nasdaq didn’t rally sustainably. The offender may very well be
associated to one thing that we’ve already seen within the first week of July. In
truth, the Russell 2000 prolonged the good points into new highs outperforming the
main indexes, which means that the dearth of observe via from the Nasdaq
may very well be associated to rotation.

Nasdaq
Technical Evaluation – Each day Timeframe

On the every day chart, we will
see that the Nasdaq broke above the important thing 19712 stage and consolidated simply above
it. The consumers stay in management and will definitely goal a brand new all-time excessive.
The 19700 stage is now a help zone and the sellers will want the worth to
fall beneath it to start out searching for new lows.

Nasdaq Technical
Evaluation – 4 hour Timeframe

On the 4 hour chart, we will
see that we had a fast drop into the 19700 help final Thursday following the
Flash US PMIs the place the Manufacturing PMI fell additional into contraction and
may need triggered some profit-taking.

The dip-buyers piled in
across the help and close to the trendline to place for a rally into new
highs. The sellers will wish to see the worth breaking beneath the trendline to
place for a drop into the 18000 stage.

Nasdaq Technical
Evaluation – 1 hour Timeframe

On the 1 hour chart, we will
see that we have now a resistance zone across the 20000 stage the place the worth obtained
rejected from a few occasions up to now days. The consumers will wish to see
the worth breaking increased to extend the bullish bets into a brand new all-time
excessive, whereas the sellers will doubtless lean on it to place for a drop again into
the 17800 help. The pink strains outline the typical every day vary for as we speak.

Upcoming Catalysts

Tomorrow we have now the US Client Confidence report. On Thursday, we get the
newest US Jobless Claims figures. On Friday, we conclude with the US PCE
report.