FundamentalOverviewThe Nasdaq rallied stronglyon Friday as Fed Chair Powell tilted more dovish by saying that “with policy inrestrictive territory, the baseline outlook and the shifting balance of risksmay warrant adjusting our policy stance.”That saw traders firming upexpectations for a rate cut in September which now stands around 84%probability with a total of 54 bps of easing by year-end. Overall, it’s not therepricing in interest rates expectations that supported stocks but hedges intopotentially hawkish Powell being unwound.Now, the focus turns to theUS NFP report next week which is going to be crucial and will influence greatlyinterest rates expectations. Strong data might take theprobability for a September cut towards a 50/50 chance but will certainly see amore hawkish repricing further down the curve which could weigh on the marketin the short-term.Soft data, on the otherhand, will likely see traders increasing the dovish bets with a third cut byyear-end being priced in and likely support the stock market.NasdaqTechnical Analysis – Daily TimeframeOn the daily chart, we cansee that the Nasdaq recently fell below the major upward trendline but eventually rallied backabove it following Powell’s dovish tilt. There’s not much else we can gleanfrom this timeframe, so we need to zoom in to see some more details.Nasdaq TechnicalAnalysis – 4 hour TimeframeOn the 4 hour chart, we cansee that we might be forming a range between the 23,375 supportand the 23,650 resistance. The price broke above the downward trendlineyesterday which should give the buyers more control. If we get another pullbackinto the support, the buyers will likely step in there with a defined riskbelow it to position for a rally into a new all-time high. The sellers, on theother hand, will likely pile in around these levels to target a pullback intothe support and eventually a breakout.Nasdaq TechnicalAnalysis – 1 hour TimeframeOn the 1 hour chart, we cansee that we have now a minor upward trendline defining the bullish momentum onthis timeframe. The buyers will likely lean on it to keep pushing into newhighs, while the sellers will look for a break lower to extend the pullback intothe support. The red lines define the average daily range for today.Upcoming CatalystsToday we have Nvidia earnings after marketclose. Tomorrow, we get the latest US Jobless Claims figures. On Friday, weconclude the week with the US PCE price index. This article was written by Giuseppe Dellamotta at investinglive.com.