JICPT| Nasdaq rallied from range bottom ahead of Fed decision
Hello everyone. Two hours later, Fed will release a policy statement with economic and interest rate forecasts. Chairman Powell will then hold a press conference. I recalled the timeline of tapering and how market reacted to the news back in 2013. If you're interested, you can google it.
Let's get back to the chart, Nasdaq has been up by almost 200 points with response to the range bottom that I drew a couple of weeks ago. I drew two ranges and found that price left the upper one with indecisive candle formation. You can see a series of small bars formed before the index headed down.
So, I do think the range bottom level 14820 would be well respected. Normally, market is volatile on Fed decision, however, I don't think market will turn from positive into the negative zone as investors already priced in the possible taper. In 2013, market is feared and created a spike in US treasury yield. It'll be different this time as investors have already been through it once.
What do you think? Give me a like if you're with me.
Let's get back to the chart, Nasdaq has been up by almost 200 points with response to the range bottom that I drew a couple of weeks ago. I drew two ranges and found that price left the upper one with indecisive candle formation. You can see a series of small bars formed before the index headed down.
So, I do think the range bottom level 14820 would be well respected. Normally, market is volatile on Fed decision, however, I don't think market will turn from positive into the negative zone as investors already priced in the possible taper. In 2013, market is feared and created a spike in US treasury yield. It'll be different this time as investors have already been through it once.
What do you think? Give me a like if you're with me.
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