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Nasdaq remains rangebound as traders await key US data before picking a direction
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Key Takeaways (30s Read)
The Nasdaq remains rangebound, focusing on upcoming US economic data.
Current Situation of Nasdaq
The Nasdaq is currently rangebound, with traders holding back as they await key US economic data amidst mixed signals from recent labor market indicators. The strong economic performance is countered by inflation concerns, which restrict the Fed’s ability to act decisively.Technical Analysis
On the technical front, the Nasdaq's price action forms a rising wedge, which could lead to either a downside breakout or an upside rally. On the 4-hour chart, buyers look for better setups around the bottom trendline, anticipating a potential rally near the 24900 level.Market Concerns
Conversely, sellers are eager for a breakdown below the support level, betting on potential declines down to the 24900 mark. The 1-hour chart shows a minor upward trend, with buyers looking to sustain this momentum towards the top of the wedge.Key Economic Indicators
Upcoming economic catalysts include the U.S. NFP report and a potential Supreme Court ruling on Trump's tariffs, both of which may significantly impact Nasdaq's trajectory.AI Analyst
AI Opinion
"The current Nasdaq market is characterized by significant volatility as traders await key economic data releases from the U.S. This situation is greatly influencing trader sentiment. The technical rising wedge is prominent, and the breakout direction will fundamentally dictate trading strategies. It's crucial not to overlook the strong buying market expectations and the position of the bottom trendline, which could serve as a critical touchpoint. Furthermore, the NFP report and the tariffs court ruling are potential catalysts that could decisively affect Nasdaq's price movements."
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