Nasdaq Thoughts
After Fridays Trading session we saw the Nasdaq Composite decline roughly 4.4%.
After Federal Reserve Chair Jerome Powell said in his Jackson Hole speech that the central bank won’t back off in its fight against rapid inflation.
Powell reiterated a tough stance against inflation, spurring investors to weigh the implications of higher interest rates kept in place for a longer time.
“Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy,” Powell said.
This being said, we see that the Nasdaq has broke its current Market structure, which leads me to believe that we are in a Sellers market for the time being. We have a untested Demand at level 12283.8 and another Demand zone at 12147.3. We might find reprieve in those two zones where Bulls could potentially seek to gain Control of the Nasdaq. For now those two zones are my areas of interest, but things can change as the market opens on Monday
After Federal Reserve Chair Jerome Powell said in his Jackson Hole speech that the central bank won’t back off in its fight against rapid inflation.
Powell reiterated a tough stance against inflation, spurring investors to weigh the implications of higher interest rates kept in place for a longer time.
“Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy,” Powell said.
This being said, we see that the Nasdaq has broke its current Market structure, which leads me to believe that we are in a Sellers market for the time being. We have a untested Demand at level 12283.8 and another Demand zone at 12147.3. We might find reprieve in those two zones where Bulls could potentially seek to gain Control of the Nasdaq. For now those two zones are my areas of interest, but things can change as the market opens on Monday
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