Fed Presidents Kashkari and Hammack Reject Rate Cut Hints

The NDX is in overbought territory with an RSI of 84.8, having risen 3.1% in the last 24 hours. Fed officials' rejection of rate cut expectations could trigger profit-taking in the short term. Although the MACD remains bullish, the overbought condition and negative sentiment from the news increase the risk of a correction. Therefore, a downward move is expected in the near term.

USDJPY is trading at 156.22, exhibiting a weak outlook as it remains below the 50-day SMA (156.97). The RSI is near the sell zone at 42, while the MACD is in negative territory below the signal line. Although Fed officials' rejection of rate cut expectations may support the dollar in the short term, weakness in technical indicators is increasing downward pressure. Therefore, a pullback toward the 156.00 support level appears highly likely.

The US Dollar Index (DXY) is trading at 97.97, down 0.34% over the past 24 hours. The RSI stands at 42.3, indicating weak momentum, while the MACD remains negative below its signal line. Although Fed officials have pushed back against rate cut expectations, which could support the dollar in the short term, the weakness in technical indicators continues to drive a bearish trend. The negative crossover between the SMA20 (97.96) and SMA50 (98.23) confirms downward momentum. Therefore, DXY is expected to maintain its bearish trajectory in the near term.

The news that Fed officials have rejected expectations of an interest rate cut could have a negative impact on the market. With the RSI in overbought territory at 78.8, the likelihood of a short-term correction increases. Although the MACD is positive, the overbought signal combined with the pressure from the news suggests the index may see some pullback. However, as the trend remains strong, any decline is likely to be limited.