FundamentalOverviewThe soft NFP report on Friday was again fadedcompletely by the stock market because of the focus on Fed rate cuts. In fact,the dovish bets on the Fed increased and the market is now expecting three ratecuts by year-end (68 bps). Moreover, we have also an 8%probability of a 50 bps cut in September but that will likely happen only if weget a soft CPI report today. In that case, the stock market might get anotherboost to push into new all-time highs.The bigger picture hasn’tchanged much as the stock market continues to see better growth ahead despiteall the doom and gloom coming from analysts and economists. The market doesn’tcare about what has happened in the past quarters but how things are likely toevolve in the next quarters. And those positiveexpectations are supported by the upcoming rate cuts and the fact that thingsare not as bad as people think. We just have a frozen labour market most likelydue to the uncertainty created by Trump’s policies in the first half of the year.That is now behind us, and the rate cuts could spur growth and improve economicactivity, which is a good thing for the stock market.NasdaqTechnical Analysis – Daily TimeframeOn the daily chart, we cansee that the Nasdaq has been basically ranging for over a month, although thetrend continued to be skewed to the upside. The price is now trading near theall-time highs and this is where we can expect the sellers to step in with adefined risk above the high to position for a drop into the 23,050 level. Thebuyers, on the other hand, will want to see the price breaking higher toincrease the bullish bets into new highs and will look to buy the dip in casethe price pulls back into the 23,050 level.Nasdaq TechnicalAnalysis – 4 hour TimeframeOn the 4 hour chart, there’snot much we can glean from this timeframe as the price action inside ranges isgenerally choppy with no clear levels where to lean onto. We will need to zoomin to see some more details.Nasdaq TechnicalAnalysis – 1 hour TimeframeOn the 1 hour chart, we cansee that we have a minor upward trendlinedefining the bullish momentum on this timeframe. The buyers will likely continueto lean on it to keep pushing into new highs, while the sellers will look for abreak lower to target a drop into the 23,050 level next. The red lines definethe average daily range for today.Upcoming CatalystsToday we get the US CPI report and the latest US JoblessClaims figures. Tomorrow, we conclude the week with the University of MichiganConsumer Sentiment report. This article was written by Giuseppe Dellamotta at investinglive.com.