U.S. stocks fell slightly on Tuesday as the Nasdaq Composite slipped from its new all-time high, with investors waiting for the key FOMC monetary policy meeting. Billionaire hedge fund manager Paul Tudor Jones told CNBC on Monday that Powell could spark a big sell-off in risk assets if he doesn’t do a good job of signaling a taper in the Fed’s monthly asset buying.
Technical overview:
As we forecasted in our previous analysis, Nasdaq made a new all-time high on Monday. The next move expected is a bearish one towards the support area at least, but this might happen after a final small bullish rally. In any case, we will only focus on the sell setups. We advise caution, as the market will most probably be unstable due to the FOMC meeting. Trade with care.
Best regards, Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.