Instrument: US100
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 13695.68 with a take profit at price 13714.06.
Bearish Preference:
A Sell position is envisaged if price trades below price 13623.06 with a take profit at price 13601.76.
Fundamentals:
No major fundamental.
Comment: Rising inflation expectations and robust economic data have seeded divergence among Fed officials. Some of them suggested it is time to debate tapering stimulus while a majority supported the view that upward price pressure might be transitory.
Gold prices rebounded modestly early in the APAC trading session as the 10-year Treasury yield pulled back from Friday’s high. Risk appetite appears to be subdued as Chinese and Japanese markets are closed for holidays.
Also Crypto traders might want to keep this potential risk event on the radar due to anticipation for Elon to pump Dogecoin. Doge price action has consolidated from its record high around $0.69, this will most likely bring a boost to US100 and other stocks this week.
Analysis: SCRUM Team