Fed's Goolsbee: Glimmer of Hope in Inflation Data

GOOGL stock presents a technically weak outlook, with the RSI at 40 and the price trading below both its 20-day and 50-day moving averages. Although the MACD is in negative territory, its approach toward the signal line could signal a short-term recovery. Positive comments from the Fed regarding inflation data may support overall market sentiment, but they do not serve as a stock-specific catalyst. Therefore, near-term direction remains uncertain, with a potential balance between technical weakness and macro optimism.

Although the news creates optimism regarding inflation data, the technical outlook for the SPX remains weak. The price is trading below both the 20-day and 50-day moving averages, and the RSI at 42 is near the sell zone. The MACD line is below the signal line and trending negative, indicating weak short-term momentum. Goolsbee's comments could trigger a short-term recovery, but the current technical structure remains bearish. Therefore, the market is expected to trade sideways or attempt a limited upside move for some time.

NDX fell 2.94% in the last 24 hours, with the RSI at 45.5, indicating neutral territory. The MACD is negative but above the signal line, suggesting weakening bearish momentum. The price is trading near the 20-day SMA but below the 50-day SMA, creating short-term resistance. Positive comments from the Fed regarding inflation data may generate limited optimism in the market, but the technical outlook remains unclear. Therefore, a sideways movement is expected in the short term.