HOW LOW CAN IT GO? | TECHNICAL ANALYSIS OF THE MARKET | 25-29 SEP 23 #shorts
0Hello Traders,
I am recording this video on Friday morning so things might change by the end of the day. This week, FED decided to pause on interest rate hike but as fear of recession looms over the us economy market pulled back significantly. Next week, there are two important economic events i.e. GDP on Thursday followed by PCE on Friday.
For Nasdaq, as I mentioned in my past two videos, the golden pocket zone between 15021 and 14984 is important as as of now NQ is hovering near that range. If it breaks below 14900 then the next stop will be 14613 where it can get some support.
For the S&P500, the chart looks like NQ but a bit worse as it pulled back far away from its golden pocket zone between 4432 and 4425. Expect a retest of the recent lows at 4349 but beware of the gap that exists just below it at 4328-4309.
Against the pullback in the market, the dollar is looking good and probably pushed towards 106 and might stay there for a period of time.
Thank you for watching.
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