Where the major American index are going? The short/medium-term structure is set to rise, they should mark new highs. This could happen towards the end of the month with the announcement of the FED on the rate cut that the market expects. A cut that until yesterday was expected even if with a low probability, of as little as 0.50%. While today Powell has hinted that it will almost certainly be only a quarter of a percentage point.
In any case, he reassured investors by saying that all kinds of measures will be taken to ensure that the US economy does not “stumble” causing panic like between November/December. At the moment, however, the economy seems too solid. Non-agricultural US employment increased by 224,000 units in June, the maximum in five months. Based on Friday’s data, beating economists’ expectations of an increase of 160,000 units. This led to a very short-term descent that involved the three indices. Technically this very short-term descent could continue until the next and respective daily supports.
DOW JONES could test the area of 26550 points. The NASDAQ could retest the area of the 7690 points. SP500 at 2940.
By now it is very likely that the indices will start to rise again at this time. We recommend a long entry only on one index, and we advise you not to overtrade it with the size as in case there was a further very short-term descent.
Where the major American index are going?
-DOW JONES: TP 1) 26860 TP 2) 26980 TP 3) 27090
-SP500: TP 1) 2988 TP 2) 2999 TP 3) 3012
-NASDAQ: TP 1) 7868 TP 2) 7910 TP 3) 7970