Nasdaq Has Tested Higher Levels
Nasdaq has tested 13.500 levels yesterday but rejected soon. If we see more attempts we may expect higher levels. But still expected correction is on the table. The first resistance is 13.645 and first support level is 13.146 Level.
The dollar index held its recent decline toward the 105 mark on Friday and was on track to lose more than 1% this week, as softer-than-expected US consumer and producer price growths in July prompted speculations for peak inflation and a less aggressive Federal Reserve tightening moving forward. Markets are now priced for a higher chance of a 50-basis point rate hike in September versus earlier speculation of a bigger 75-basis point increase. In the latest Fed commentary, meanwhile, San Francisco Fed Bank President Mary Daly said that while a half-percentage point rate hike in September “makes sense,” she is open to the possibility of a bigger hike to fight too-high inflation. Minneapolis Fed President Neel Kashkari also said that he expects the central bank to raise its policy rate to 3.9% by year-end and to 4.4% by end of 2023, while Chicago Fed President Charles Evans indicated that US rates will top out at 4% next year.