Instrument: US500+
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 3775.4 with take profit at 3783.8
Bearish Preference:
A Sell position is envisaged if price trades below price 3740.9 and TP at 3727.1
Fundamentals:
2:30pm USD CPI m/m
USD CPI y/y
USD Core CPI m/m USD Unemployment Claims
Comment:
Wall Street ended sharply lower on Wednesday as Republican gains in midterm elections appeared more modest than some expected, with investors also focusing on upcoming inflation data that will provide clues about the severity of future interest rate hikes. Republicans were still favored to win control of the House of Representatives but key races were too close to call, with a better-than-expected showing by Democrats diminishing the prospect of a so-called red wave of Republican gains. With the election outcome still uncertain, investors were turning their attention to October inflation data due out on Today, which could shed more light on whether the Fed might soften its aggressive stance on interest rate hikes, as CPI is one of the most important inputs in terms of the inflation environment.
Analysis: SCRUM Team