Investors are waiting for today's Jay Powell speech, who already said stocks twice during the last week. Third time's the charm...
The Nasdaq has managed to defend the support of 12,500 USD, where January lows are located. If bears push the price below that support, we could see another leg lower, targeting December lows near 12,200 USD, or potentially the psychological level of 12,000 USD.
On the other hand, the key resistance is now seen at 13,300 USD, where the Nasdaq has failed four times already. If the index jumps above that resistance, another rally toward the current all-time highs near 13,800 USD could occur.
Volatility is expected to be elevated today during and after Powell's speech. However, the Nasdaq dropped below 10, 20, and 50-day averages, implying medium and short-term outlooks now look negative.
