Can Bullish momentum continues with GDP and PCE data? #shorts #futurestrading
1Last week, we observed a slow grind to the upside, capped by significant volatility on Friday following Chairman Powell's speech at the conclusion of the Jackson Hole meeting. While Powell's tone was dovish, it may signal that the worst is yet to come. As anticipated in my last video, both the Nasdaq and S&P 500 completed the right shoulder of the inverse head and shoulders pattern, suggesting a potential pullback in the market this week.
On the economic front, there are two key events to watch: the GDP report on Thursday and the PCE data on Friday.
The technical setup for the Nasdaq remains largely unchanged, except for the price action. NQ recently retested the top of the right shoulder and experienced a pullback. If the formation remains intact, we can expect a further pullback towards the 18,975 level.
The S&P 500 is showing more resilience compared to the Nasdaq, hovering near the highs of its right shoulder. This suggests the possibility of a retest of the all-time highs at 5,718 before a pullback towards the 5,500 level.
The Dollar Index experienced a sharper decline than anticipated, breaking below the inverse head and shoulders formation. It’s possible that the dollar will retest the 100 or 99.56 levels before making a move back to the upside.
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