Instrument: US100
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 11107.31 with take profit at 11153.34
Bearish Preference:
A Sell position is envisaged if the price trades below price 11021.21 with take profit at 10951.64
Fundamentals:
No Major Fundamentals
Comment:
U.S. stock index futures rose on Tuesday, the first trading day of 2023, as investors await a slew of economic data this week as well as minutes from the Federal Reserve’s previous meeting for clues on the path of future interest rate hikes. Wall Street’s main indexes ended 2022 with their steepest annual losses since 2008, against the backdrop of the U.S. central bank’s fastest pace of rate hikes since the 1980s. Investors will closely monitor the minutes of the Fed’s December policy meeting when the central bank raised interest rates by 50 basis points after four straight 75-basis point increases and signalled rates could stay higher for a while. The minutes are due to be released on Wednesday. “What is really going to be very important for U.S. stocks this week is going to be FOMC minutes, which will probably reconfirm how serious the Fed is about fighting inflation,” Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said.
Analysis: SCRUM Team
