Final week, the S&P 500 closed across the highs
because the market continued to commerce on the soft-landing narrative. The truth is,
regardless of the marginally greater than anticipated US CPI figures,
the US Jobless Claims improved
additional and the US PPI knowledge
missed forecasts. Furthermore, the Fedspeak has been typically impartial with no
robust pushback in opposition to the market’s charge cuts expectations. Right this moment, the market
shall be closed for MLK Day, however we can have some essential occasions all through
the week.
Nasdaq Composite Technical
Evaluation – Day by day Timeframe
Nasdaq Composite Day by day
On the day by day chart, we will see that the Nasdaq Composite
final week pulled again into the 14780 degree and bounced strongly because the consumers
piled in for a brand new excessive. There’s not a lot to do right here as the worth trades proper
in the midst of the 2 key ranges, so we have to zoom in to get some readability.
Nasdaq Composite Technical
Evaluation – 4 hour Timeframe
Nasdaq Composite 4 hour
On the 4 hour chart, we will see extra clearly the
rejection close to the 14780 degree the place we had additionally the 50% Fibonacci retracement degree
for confluence and the moving averages
crossover. The consumers ought to carry on focusing on a brand new excessive, whereas the sellers
are prone to step in across the excessive with an outlined threat above it to place
for a drop into the 14050 degree.
Nasdaq Composite
Technical Evaluation – 1 hour Timeframe
Nasdaq Composite 1 hour
On the 1 hour chart, we will see that the worth
has been consolidating lately across the 15000 degree because the consumers proceed
to push for a break and an extension into a brand new excessive. The consumers are leaning on
the pink 21 transferring common and, though not optimum, we will draw a trendline to
outline the present bullish momentum. If the worth have been to interrupt decrease, we will
anticipate the sellers to pile in and goal the 14780 support.
Upcoming
Occasions
Tomorrow, all eyes shall be on Fed’s Waller because the
market shall be desirous to see if he decides to pushback in opposition to the aggressive
charge cuts expectations. On Wednesday, we are going to get the US Retail Gross sales report
whereas on Thursday we are going to see the newest US Jobless Claims figures. Lastly, on
Friday, we conclude the week with the College of Michigan Client Sentiment
survey.
