Quarles not as dovish as others
Fed's Quarles - perhaps in reaction to the tumble in bond yields and the rise in the expectation for a cut in rates later in the year - poured some cold water on that idea by suggesting the Fed may indeed have to tighten again, and that he see's the neutral level as being higher. That, and the prospects of no-deal Brexit - has led to a modest dip off the highs in US major indices.
Having said that, the major indices are still in the black.
Lookng at the hourly chart of the Nasdaq, the price gapped above its 50 hour MA (white line currently at 7693.058). The price low today reached 7688.512 but quickly rebounded back above the MA level. The current bar has reached a low of 7698.27 above the MA line. We currenty trade at 7710. The high reached 7728.65. If the price can stay above the 50 hour MA, that would keep the bulls more in control. The high for the week at 7738.16 would be a target to get above to give a more bullish bias for the index going into the weekend.
