Daily Market Analysis 24.01.2023: US100

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
3:45 PM  USD Flash Services PMI  

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

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