Instrument: US2000
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1693.5 with take profit at 1702.7
Bearish Preference:
Sell position is envisaged if price trades below 1683.8 with take profit at 1675.8
Fundamentals:
No major fundamental
Comment:
While the S&P 500 trades sharply lower this week again, the benchmark U.S. stock market index attracted large inflows last week when it rallied 1.5% off recent lows. Bank of America’s (NYSE:BAC) clients were big net buyers of U.S. equities last week ($6.1 billion), which marks the third largest inflow in their data history since 2008 and the fifth consecutive week of inflows. For BofA’s equity strategists, the recent flows suggest more volatility is likely ahead. The buying activity was concentrated around single stocks and ETFs, while the bank’s clients were buying both large and mid caps while selling small caps for a second week. Institutional clients led buying in what the strategists say were the biggest inflows since December 2020. As far as sectors are concerned, Tech, Communication Services (sixth week of inflows), and Consumer Discretionary saw the biggest inflows, while Utilities recorded outflows.
Analysis: SCRUM Team