Instrument: US100
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 12559.38 with take profit at 12586.13
Bearish Preference:
Sell position is envisaged if price trades below 12461.38 with take profit at 12438.36
Fundamentals:
Core Retail Sales m/m 1:30 PM
Retail Sales m/m 1:30 PMFed Chair Powell Speaks 7:00 PM
Comment:
The seeds of a general relief rally didn’t land on Wall Street equities overnight, which had a mixed session, likely because it was driven elsewhere by recession concerns. The S&P 500 fell by 0.39%, the Nasdaq fell by 1.20%, and the Dow Jones edged 0.12% higher. In Asia, hopes that the worst is past for the Shanghai lockdowns have prompted US futures to rise. Nasdaq futures have jumped by 0.65%, with S&P 500 futures climbing 0.35%, and Dow futures adding 0.25%. Hopes that the Shanghai lockdowns will ease, along with the ensuing supply chain disruptions have been enough to lift Asian equities as well, which are staging a modest bounce in an otherwise quiet day. Japan’s Nikkei 225 has risen by 0.25%, with South Korea’s Kospi rallying by 0.84%. Taipei is also tracking the bounce by Nasdaq futures, climbing by 1.03%.
Analysis: SCRUM Team