Daily Market Analysis 31/08/2021: US100

Instrument: US100

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 15618.85 with take profit at 15635.98.
Bearish Preference: 
Sell position is envisaged if price trades below 15560.89 with take profit at 15542.44.
2:45pm USD Chicago PMI
3:00pm USD CB Consumer Confidence

Comment: Stocks have climbed since Federal Reserve Chairman Jerome Powell reiterated Friday that the timing of scaling back on bond purchases—which is likely to begin later this year—won’t have any bearing on subsequent decisions to raise interest rates. Meanwhile, concerns about the elevated number of Covid-19 cases are providing a lift to technology stocks because investors are renewing bets on companies that would benefit from lockdowns and people working from home.

Analysis: SCRUM Team

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