The tech-heavy index started the week around Friday’s close but trading appears muted in a week of ‘high importance’ US data including Powell’s testimony and NFP
The index has provided short-lived pullbacks which served as opportunities to reenter the bullish trend. Last week, price action broke and closed above the prior zone of resistance around 18,100. The 50-day simple moving average has lagged behind bullish price action but has provided a dynamic support as the bullish trend continues.
This week there is a notable amount of Fed communication, as officials provide their takes on the US economy before the media blackout commencing this Saturday. Amongst the speakers is Jerome Powell as he prepares to testify in front of congress on Wednesday and Thursday. Economic data has been strong in general, but Friday’s US manufacturing data provided a potential sign of concern due to the lower move in the ‘new orders’ sub-index.
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