Nasdaq Consolidation
- From the graph above, we see that Nasdaq has broken through its previous consolidation pattern (seen between the two grey lines) as it continues to head downwards, seemingly a bearish trend.
- However, as the year approaches towards the end, it is more likely that no drastic movements would be seen and traders should feel more comfortable trading within the ranges highlighted in the chart (green and grey line) shown.
- As US inflation begins to cool off more than forecasted, many have viewed the Federal Reserve officials to have scaled back on their steep interest rate hikes. This translates to a market that is far more stable, with fewer shocks or significant price changes. Traders can expect to see more consolidation rather than directional movements over the next few weeks.
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