Navigating Nasdaq: Key Levels and Fed Insights for July 15, 2024
As we approach the trading week, all eyes are on the upcoming speech by Federal Reserve Chairman Jerome Powell, scheduled for 12 PM noon on Monday, July 15, 2024. Traders are keenly anticipating any signals that could provide direction for the Nasdaq index, especially given the current technical setup.
On the 4-hour timeframe chart, the Nasdaq is exhibiting critical levels that traders should monitor closely. We have identified a bullish scenario above the 20,330 mark. If the price maintains above this level, it could signal continued upward momentum, potentially leading to further gains. Conversely, a bearish scenario becomes prominent below the 21,000 level, suggesting that traders should be cautious of downward movements if the price falls below this threshold.
Additionally, there is a significant supply area above the current price, formed after a break of structure around the 20,580 level. This supply zone is crucial as it could act as a barrier to further upward movement. Traders should be aware that interactions with this zone could lead to potential reversals or consolidations.
In summary, as we await Chairman Powell's speech, these technical levels provide a roadmap for navigating the Nasdaq. Staying informed and vigilant will be key to capitalizing on potential market movements in the week ahead. Happy trading!
On the 4-hour timeframe chart, the Nasdaq is exhibiting critical levels that traders should monitor closely. We have identified a bullish scenario above the 20,330 mark. If the price maintains above this level, it could signal continued upward momentum, potentially leading to further gains. Conversely, a bearish scenario becomes prominent below the 21,000 level, suggesting that traders should be cautious of downward movements if the price falls below this threshold.
Additionally, there is a significant supply area above the current price, formed after a break of structure around the 20,580 level. This supply zone is crucial as it could act as a barrier to further upward movement. Traders should be aware that interactions with this zone could lead to potential reversals or consolidations.
In summary, as we await Chairman Powell's speech, these technical levels provide a roadmap for navigating the Nasdaq. Staying informed and vigilant will be key to capitalizing on potential market movements in the week ahead. Happy trading!
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