Instrument: US100
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 11579.69 with take profit at 11593.70
Bearish Preference:
A Sell position is envisaged if the price trades below 11527.08 with take profit at 11506.64
Fundamentals:
2:30PM USD: Empire State Manufacturing Index
Comment:
The S&P 500 SPX and the Nasdaq IXIC indexes closed at one-month highs on Friday, with the former up 4.2% so far in 2023. The U.S. stock market was closed on Monday for the Martin Luther King Jr. Day holiday. After steep falls in 2022, markets have had a positive start this year as data showing a fall in consumer prices in December and a moderation in wage growth bolstered expectations of less aggressive interest rate hikes from the U.S. Federal Reserve. Investors await data on retail sales, existing home sales for December and jobless claims later in the week, besides comments from several Fed officials for cues on the central bank’s monetary tightening plans.
Analysis: SCRUM Team