Instrument: US100+
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above11302.49 with take profit at 11350.48
Bearish Preference:
Sell position is envisaged if price trades below 11191.16 with take profit at 11147.01
Fundamentals:
3:00pm USD Pending Home Sales m/m
3:10pm USD FOMC Member Bullard Speaks
3:15pm USD Fed Chair Powell Speaks
Comment:
Federal Reserve jacks up interest rates and sends technology stocks tumbling, it only gets harder to stay away from the sector. The market chatter going into Today’s monetary policy meeting was that there was a high likelihood of a relief rally in tech if the central bank, as expected, raised its benchmark rate by 75 basis points. Turns out it wasn’t that straightforward. The Nasdaq 100 slumped to early July lows, pretty much erasing most of the summer rally, after a more hawkish tone than hoped for from the Fed.
Analysis: SCRUM Team