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NASDAQ Hits Record Highs:A Short-Term Correction on the Horizon?

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Last week witnessed the Nasdaq soaring to new heights, surging to an all-time high of 18,346 during the European session. However, amidst this bullish fervor, indications of a possible retracement loom on the horizon.

As the Nasdaq index ventures into overbought territory, as evidenced by the Relative Strength Index (RSI), investors are cautiously eyeing a potential reversal. With the RSI signaling overbought conditions, market sentiment suggests a corrective move, with the 18,000 level emerging as a plausible target for price adjustment before contemplating further bullish momentum.

In the realm of economic events, this week's agenda is marked by significant announcements. Today, investors eagerly await the release of the Sentix Investor Confidence data for March, which could offer insights into market sentiment and future investment outlooks.

Looking ahead, all eyes turn to Federal Reserve Chairman Jerome Powell's semi-annual monetary policy report and congressional testimony scheduled for Wednesday and Thursday. Powell's remarks are anticipated to provide clarity on the Fed's stance regarding interest rates and monetary policy measures, potentially influencing market sentiment and investor behavior.

Simultaneously, Thursday brings forth the highly anticipated monetary policy decisions from the European Central Bank (ECB). The ECB's announcement will shed light on its policy outlook and potential measures to address economic challenges, offering valuable cues for market participants.

In light of these developments, investors are preparing for a short setup, anticipating a temporary correction in the Nasdaq's upward trajectory. While record highs have been achieved, prudent risk management strategies are in place to navigate potential market fluctuations and capitalize on emerging opportunities.