Nasdaq (US100) Chart Technical Outlook stalls ahead of Powell
Nasdaq stalled at the previous month’s high of 15,343, and RSI shows an overbought condition. Prices broke above the bearish channel that completed a five-wave corrective structure. There is room for more gains to print wave five of the bullish structure.
Today’s calendar has the Initial Jobless Claims and the Fed Chair Jerome Powell panel discussion to watch for.
I expect a cautious mood and limited downside correction and then dips to find buyers.
Resistances: 15,500, 15,800
Supports: 15,100, 14,800
