FundamentalOverviewThe upside for the Nasdaqhas been supported all along since the April 9 tariff pause by the lack ofbearish drivers. In fact, we continued to see a general de-escalation in tradewar that triggered a positive repricing in growth expectations and boosted riskassets. Now, we reached the peak in this trade as we got the deals in the expected10-20% range. The focus now switched backto the Fed and the interest rates path. The Fed’s decision this week was very muchexpected and didn’t move the market at all. Rates were kept unchanged, andWaller and Bowman dissented voting for a cut. The only change in the statementwas the removal of the line saying that “uncertainty has diminished”. That wasless dovish than expected but was ignored as everyone was focused on the PressConference.The Press Conference iswhat moved the market. In fact, the market was expecting Fed Chair Powell toopen the door for a rate cut in September conditional on the data, but hedidn’t say that. He just dodged the questions by telling reporters that they wouldlook at the totality of the data. That was interpreted as more hawkish thanexpected.The market dropped but thelosses were quickly erased following the strong beats from Microsoft and especially Meta.Unfortunately, as it usually happens, earnings-driven moves were eventuallyfaded and the macro drivers got us to even lower prices.The drop has likely beendriven by hedging activity into the NFP and potentially some tariff angst withthe higher rates for Canada and Switzerland.The data is what reallymatters now. Central banks don’t matter much because they don’t offer forwardguidance. They just delegate everything to the data. The data is what willdrive their decisions. Therefore, watch the data carefully because hawkish datawill likely trigger a correction as the market reprices expectations. In the bigger picture,given that the Fed's reaction function remains to either wait more or cut, themarket should eventually get back to its upward trend (barring growth scares).NasdaqTechnical Analysis – Daily TimeframeOn the daily chart, we cansee that the Nasdaq is currently pulling back as the less dovish than expectedPowell triggered a hawkish repricing in interest rates expectations. We have anupward trendlinedefining the bullish momentum. The buyers will likely lean on it with a definedrisk below it to position for a rally into a new all-time high. The sellers, onthe other hand, will look for a break lower to increase the bearish bets into newlows.Nasdaq TechnicalAnalysis – 4 hour TimeframeOn the 4 hour chart, we cansee that we have another minor upward trendline that’s being challenged now.The buyers will likely step in around these levels to position for a rally backinto the highs, while the sellers will keep pushing into new lows with adefined risk above the trendline. Nasdaq TechnicalAnalysis – 1 hour TimeframeOn the 1 hour chart, there’snot much we can add here as the buyers will likely step in around these levels,while the seller will keep pushing into new lows. We have a minor resistancezone around the 23,400 level. If we get a pullback, that’s where we can expectthe sellers to step back in to target new lows, while the buyers will look fora breakout to increase the bullish bets into a new all-time high. The red linesdefine the average daily range for today.Upcoming CatalystsToday we conclude the week with the US NFPreport and the US ISM Manufacturing PMI. This article was written by Giuseppe Dellamotta at investinglive.com.