Instrument: US100
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 11958.99 with a take profit at 11973.26
Bearish Preference:
A Sell position is envisaged if the price trades below 11903.60 with take profit at 11885.62
Fundamentals:
3:45 PM USD Flash Services PMI
Comment:
U.S. stocks are set for a quiet opening to the week, in the absence of any major market-moving data and with the Lunar New Year also depressing trading volumes out of Asia. A spate of earnings reports in coming weeks is set to test a recent bounce in technology and other mega-cap stocks, a category whose leadership position in U.S. markets has faltered after last year’s deep selloff. The tech-heavy Nasdaq 100 index has gained nearly 6.2% in 2023 and the gain will likely continue.
Analysis: SCRUM Team