The Nasdaq index is ticking up and down during the Powell speech The low for the day reached 20891.96. That took the price below the low of a swing area between 20902.48 and 21033.05, but selling could not accelerate.

The price bounced off the low, and currently trades at 20948 between the swing area. The area will be the barometer for buying or selling today and going into the week. Moving back above the high of the swing area, is likely to solicit more short covering after the sharp move lower seen last week (and 5 weeks of declines). On the downside, break the 20902, would like trigger sellers and a potential resmption of the run toward the 38.2% of the move up from the April 2024 low at 20491.86.

Key area for both buyers and sellers. Pay attention for trading clues.