Instrument: US100
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 15090.10 with take profit at 15110.04.
Bearish Preference:
Sell position is envisaged if price trades below 15019.29 with take profit at 14993.10.
Fundamentals:
3:00pm USD ISM Manufacturing PMI
Comment: Despite a Fed that left monetary policy unchanged, cooling sooner-than-anticipated tapering expectations, global market sentiment ended on a downbeat this past week. Robust Q2 results from the FAANG companies (Facebook, Apple, Amazon, Netflix and Google) marks the peak of the earnings season. Many of the big tech firms have warned investors about slower growth rates or lower margins in the second half however, pulling their stock prices lower after results were released.
Analysis: SCRUM Team