Nasdaq technical analysis suggests that the rally has more room to grow

US stock indexes remained largely unchanged on Thursday after stronger than expected US housing data on Wednesday and after the Fed cut interest rates. Wednesday's decrease of -12% on FedEx downed the entire market and raised concerns about economic slowdown. FedEx dropped after reducing its full-year EPS estimate to $ 11.00 - $ 13.00 from a preliminary estimate of $ 14.73, citing a weakening of the global economy and reduced freight demand. Tensions in the Middle East remain high after the Saudi Ministry of Defense said Saturday's attacks on Saudi oil facilities were "unquestionably sponsored by Iran." The remarks could escalate the crisis if Saudi Arabia and / or the US retaliate against Iran for the attacks. This only adds to the uncertainty that would lead to declines in US indices.

Currently, the price is in the range between 7900 and 7800 levels. There is activation of trend-confirmation formation - turned head with shoulders - test on some line. From here, the technical movement is expected to continue north.

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