Instrument: US2000
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1805.3 with take profit at 1807.8
Bearish Preference:
Sell position is envisaged if price trades below 1793.7 with take profit at 1787.5
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
