Instrument: US100
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 13506 with take profit at 13523.16.
Bearish Preference:
Sell position is envisaged if price trades below 13449.70 with take profit at 13427.31.
Fundamentals:
No major fundamental.
Comment: The technology sector extended higher towards the end of the week as investors cheered a decent jobless claims report and cooling inflationary pressure. US weekly jobless claims hit a pandemic low of 444k for the week ending May 14th, underscoring a smooth recovery in the labor market.
The Nasdaq 100 endured considerable volatility last week as risk assets ranging from technology stocks to cryptocurrencies bounced between support and resistance with ease. In the case of the Nasdaq 100, a late-week surge saw the index retake an influential area around 13,400 and, perhaps more importantly, move off an ascending trendline from September. In the week ahead, the tech-heavy index will look to utilize both areas as support should selling pressure return.
Analysis: SCRUM Team
That is good