Fed Chair Powell said that interest rates will remain low until full employment is reached. In previous years' conditions of full employment were met when the unemployment rate stayed below 4%. Now it sits above 6%. Moreover, Powell highlighted that temporary inflation pick-ups are not a problem and the economy is still far from reaching Fed's goals. Speech from Powell provided support for equity bulls and started a turnaround on Wall Street.
US500 broke above key resistance at 23.6% retracement and slowly approaches the 3,900 pts area. Additionally, an inverse head and shoulders pattern may be building up with yesterday's dip marking head of the pattern. Source: xStation5
3 markets to watch next week: US100, GOLD, EURUSD (05.06.2026)
Daily summary: Nasdaq 100 drops 3%, precious metals and Bitcoin are falling amid US dollar strength
Silver slumps 7% ๐ Precious metals under selling pressure
NFP: A turning point for the dollar and the start of a stock market correction?