NASDAQ 100 (US100) – Week 12 – Powell to impact Wall Street?

Today, Treasury Secretary Janet Yellen and Fed Chairman Jerome Powell will make their first collective appearance in front of Congress when they testify on the government’s pandemic relief efforts. Powell is expected to restate that certain sectors of the economy continue to be weak and the Fed’s focus will remain on the unemployment rate. Investors will keep an eye on the Treasury yields, especially the 10-year, as an indicator for the stock market’s reaction to their testimony and comments.
From a technical perspective, we anticipate the price to make a small consolidation around the “lower degree support level” that we highlighted on the chart, before continuing its bullish journey towards the resistance zone.
On an optimistic note, the price can increase even higher and head towards the 14k psychological level, but we will remain cautious for now.
Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move

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