NDXUSD

The technology index is focused on the ADP employment and ISM services PMI data to be announced today, following Powell's hawkish messages yesterday. Due to its high sensitivity to interest rate trends, a cooling in the labor market and the service sector, which is the backbone of the economy, has the potential to relieve the index by strengthening expectations that the Fed has reached the end of its rate hikes. Strong data, on the other hand, will continue to exert selling pressure on the index by supporting the narrative of "higher rates for a longer period."