Main Scenario: As long as Nasdaq index stays above 11956 support level, index may test 12047 resistance again. Once this resistance level is breached, prices may go up to 12070.
Target Expectation:12047 – 12070
Considerations Supporting The Scenario: Stocks rose on Thursday after the Federal Reserve unveiled a new framework that could keep interest rates lower for a longer period of time.In a speech, Fed Chairman Jerome Powell said the central bank formally agreed to a policy of “average inflation targeting” In other words, the central bank will let inflation run “moderately” above its 2% goal for “some time.” The S&P 500 climbed 0.6% — briefly topping 3,500 for the first time ever.
Alternative Scenario: An alternative expectation may be taken into account in case of a close below 12047 price level
Alternative Target Expectation: 11932 – 11846