Instrument: US100
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 11216.79 with take profit at 11263.94
Bearish Preference:
A Sell position is envisaged if the price trades below price 11101.26 with take profit at 11054.16
Fundamentals:
3:00pm USD Fed Chair Powell Speaks
Comment:
Chicago lumber futures bottomed around the $350 per thousand board feet mark, a level not seen since June 2020, as soaring interest rates continued to depress real estate activity. The Federal Reserve’s aggressive tightening cycle has pushed the 30-year mortgage rate to above 6%, dragging down sales and reining in home price growth while putting a severe dent in homebuilder confidence.
Analysis: SCRUM Team
