Nasdaq Technical Analysis – Rotation into small cap stocks curbed the gains ...Middle East

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Nasdaq Technical Analysis – Rotation into small cap stocks curbed the gains
Fundamental OverviewLast Friday, Fed Chair Powell delivered a more dovish than expected speech at the Jackson Hole Symposium as he basically kept the door open for a 50 bps cut at the September meeting. The line saying that they will do everything they can to support a strong labour market was key. Despite this, the Nasdaq failed to rally sustainably. The culprit could be related to something that we’ve already seen in the first week of July. In fact, the Russell 2000 extended the gains into new highs outperforming the major indexes, which suggests that the lack of follow through from the Nasdaq could be related to rotation.Nasdaq Technical Analysis – Daily TimeframeOn the daily chart, we ca

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