Yesterday, the Nasdaq Composite dropped following a
slight beat within the US CPI report
and powerful Jobless Claims figures.
A deeper pullback appeared probably at that time with the likelihood of a fee
lower in March being pushed again, however after a few hours the whole lot
reversed, and the market erased virtually all of the losses. The catalyst may need
been a impartial Fedspeak after the info with no robust pushback in opposition to a fee
lower in March. Today, the one notable occasion on the
agenda would be the US PPI information and an upside shock may improve the
stress available on the market.
Nasdaq Composite Technical
Evaluation – Day by day Timeframe
Nasdaq Composite Day by day
On the day by day chart, we are able to see that the Nasdaq Composite
yesterday dropped into the 14780 degree and reversed quickly after ending the
day principally flat. There’s not a lot to glean from this chart as the one degree
to be careful for is the excessive across the 15146 degree.
Nasdaq Composite Technical
Evaluation – 4 hour Timeframe
Nasdaq Composite 4 hour
On the 4 hour chart, we are able to see extra clearly the
rejection close to the 14780 degree the place we additionally received the moving averages
crossover. The patrons ought to carry on focusing on a brand new greater excessive, whereas the
sellers are more likely 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 are able to see extra
intently the yesterday’s value motion with the index reversing close to the important thing support zone
the place we had additionally the 50% Fibonacci
retracement degree for confluence. If
the worth had been to interrupt beneath this help zone, we are able to count on the sellers to
improve the bearish bets into the 14050 degree.
