Kaplan states his reasons for tapering
The NASDAQ index has moved to new lows after Dallas Fed president Kaplan says that the Fed has met the bar for making “substantial further progress” for tapering. He sites more vaccine rollout and more fiscal aid. He also adds that he expects to meet standards for Fed rate lift off sometime in 2022
The NASDAQ index has moved down to a new low of 13439.39. That took the index down about 143 points on the day.
Looking at the daily chart, the NASDAQ index is now below its 50 day moving average at 13513.34. The next key target comes at the 100 day moving average at 13391.37. The index fell below the 100 day moving average back in March, but each dip was quickly reversed. Back in October 2020, the price also dipped below the 100 day moving average, only to quickly rebound.