NASDAQ’s Descending Triangle Breakdown Meets Today’s PCE Test
For days the Descending Triangle was still forming, not yet confirmed. That changed. NASDAQ just broke down through it, right as today’s data lands on top of the break: June PCE and Q2 GDP, both due within hours.
PCE is expected to jump to 4.1%, since July’s 13-day restart of the Iran war flows through PCE’s broad spending basket more than it does through CPI’s narrower, already-published 3.5% figure. GDP is expected to hold flat at 2.1%, essentially no real growth. Oil itself surged over 6% on Wednesday after Trump threatened to strike Iran hard following its missile attack on US bases in Jordan, so the ceasefire calm did not last.
The report’s own point is that inside a trading range, data barely moves the market either way. Once a chart actually breaks its pattern, the same data lands with far more force. NASDAQ has now broken its Descending Triangle and PHLX is down 2.26% to 10,775, so today’s PCE and GDP will decide whether that breakdown holds or reverses.
Underneath the data, layoffs are quietly stacking up, Visa cutting 2,600 jobs and BMW cutting 8,000 by 2027, alongside a Senate vote of 86 to 12 to tighten sanctions on Russian energy, signs the slowdown and the war are bleeding into the real economy, not just the charts.
Today decides whether this breakdown was a fakeout or the real move. Watch PCE and GDP the moment they land, the chart has already used up the market’s room to shrug data off.
Full report available via the download button below. Read previous US Stock Express editions here.
US Stock Express 20260730 CPI PCE GDP
About the Author
Daniel Yue has been an active investor since 1980, with experience spanning stocks, currencies, futures, metals, and bonds. A scholar of the Chicago School of Economics, he holds a Certificate with Distinction from Cambridge University and a degree in International Trading from National Taiwan University. He served as Chief Analyst for over 30 years and Chief Mentor at Sincere Finance. In 2017, he received an award from the University of Arizona for financial internship leadership.
The analysis and opinions expressed in this article are for educational purposes only and do not constitute financial advice. Investing involves risk. Please consult a qualified financial advisor before making investment decisions.
About the Author
Daniel Yue has been an active investor since 1980, with experience spanning stocks, currencies, futures, metals, and bonds. A scholar of the Chicago School of Economics, he holds a Certificate with Distinction from Cambridge University and a degree in International Trading from National Taiwan University. He served as Chief Analyst for over 30 years and Chief Mentor at Sincere Finance. In 2017, he received an award from the University of Arizona for financial internship leadership.
The analysis and opinions expressed in this article are for educational purposes only and do not constitute financial advice. Investing involves risk. Please consult a qualified financial advisor before making investment decisions.