|Day's range||9,676.07 - 9,736.57|
|52-week range||6,936.68 - 9,736.57|
The Federal Reserve is likely to keep interest rates where they are until mid-2020 but may need to cut them, Minneapolis Fed Bank President Neel Kashkari said.
Holding above the first pivot at 9599.25 on Wednesday will give the March E-mini NASDAQ-100 index an upside bias.
The price action suggests that the index will continue to move higher over the near-term until there is a break in the pattern. Buying one-day breaks and forming minor bottoms is the pattern.
It’s a busy week ahead, with private sector PMI numbers likely to reflect the impact of COVID-19 on economies. Falling cases should soften the blow, however.
Based on the prolonged move up in terms of price and time and Friday’s price action, the direction of the March E-mini NASDAQ-100 Index into the close is likely to be determined by trader reaction to Thursday’s close at 9613.00.
Given the early inside move and the fact that this week’s rally has been driven by upside momentum, the direction of the March E-mini NASDAQ-100 Index on Thursday is likely to be determined by trader reaction to yesterday’s high at 9628.25.
Investing.com - Kraft Heinz reported on Thursday fourth quarter earnings that beat analysts' forecasts and revenue that fell short of expectations.
“The real question for the Fed is: What is the likely effect on the U.S. economy? And I think we’ll begin to see that in economic data coming up fairly soon.
Cisco reported on Wednesday fiscal second-quarter results that topped consensus estimates, but offered a gloomy outlook on revenue. Cisco had reported EPS of $0.84 on revenue of $13.16 billion in the previous quarter. The company guided earnings in the range of 79 cents to 81 cents per share, with revenue expected to decline 1.5% to 3.5% in the fiscal third quarter year on year.
Based on the early price action and the current price at 9577.00, the direction of the March E-mini NASDAQ-100 Index the rest of the session on Tuesday will be determined by trader reaction to Monday’s close at 9527.50.
The direction of the March E-mini NASDAQ-100 Index futures contract the rest of the session on Monday is likely to be determined by trader reaction to the current intraday low at 9330.75.
March E-mini NASDAQ-100 Index futures are in a position to post a daily closing price reversal top. If confirmed on Monday, this could trigger the start of a 2 to 3 day correction.
Investing.com - T-Mobile US (NASDAQ:TMUS) reported on Thursday fourth quarter earnings that beat analysts' forecasts and revenue that topped expectations.
Investing.com - Take-Two (NASDAQ:TTWO) reported on Thursday third quarter earnings that missed analysts' forecasts and revenue that fell short of expectations.
Investing.com - VeriSign (NASDAQ:VRSN) reported on Thursday fourth quarter earnings that missed analysts' forecasts and revenue that topped expectations.