Stocks are pushing higher as the markets look to Friday’s slate of risk events for near-term direction. Tomorrow will see Federal Reserve Chair Jerome Powell deliver remarks following the release of PCE data at 8:30 EST. Stocks have cooled in August after a sharp rally in July, and Friday’s events could spark a sharp move across financial markets.
On the hourly timeframe, price has continued to hold above the 4160 level, despite long wicks into the abyss below. If price can take out this week’s highs at 4185, ES could look to squeeze to key Fib resistance at 4244. If Powell comes out hawkish, the lows may come under serious pressure and 4100 could come into play quickly.both come under pressure.
Should tomorrow’s PCE data come in soft, NQ could fly should US Treasury yields continue to come in. Recent Fedspeak has hinted that policy may need to be pushed into restrictive territory, potentially meaning a Fed Funds rate above 4% by year-end. So long that the rates market remains on a knife edge, NQ will follow suit.
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