Technical Analysis

Nasdaq index strikes up towards 50 day MA, however it might be a troublesome nut to crack

Backwards and forwards throughout and after Powell

The Nasdaq index is again greater after up and down exercise throughout and after the Powell interview.  The index did open decrease right now moved constructive on acquainted feedback from Powell on charge projections, however acquired a little bit anxious (moved decrease) when he talked about considerably reducing the Fed’s stability sheet.   

For the reason that conclusion, nevertheless the worth has moved greater and is again within the black. The index has been up for four straight days.  We’re at the moment up about 10 factors. 

Technically, trying on the hourly chart above, the pair moved above its 200 hour MAa and 50% retracement on Tuesday. On the opening right now, the pair stalled the autumn proper above that 200 hour MA line. It at the moment is at 6838. A transfer under would tilt the bias again to the draw back.

On the topside, the excessive is working into the 61.eight% retracement at 6991.07. The excessive yesterday reached 6985. The excessive right now might solely get to 6979.62.  

So there’s a battle happening on the hourly chartas the market digests the prospects for the subsequent transfer. 

Taking a broader have a look at the every day chart under, the worth rise can be inching nearer to the 50 day MA (white line) That MA is available in at 7009.258.   With the 61.eight% on the hourly chart at 6991.07 and the 50 day MA at 7009.25 (and transferring decrease), there’s some overhead resistance that merchants will likely be monitoring intently going ahead.   

The value motion right now, could also be a sign that the market is getting a bit involved concerning the upside potential.   Remember.  The rebound since December 24th is having a little bit hassle.  

ForexLive


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