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Instrument: US100
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 12693.25 with take profit at 12727.39
Bearish Preference:
Sell position is envisaged if price trades below price 12568.74 with take profit at 12536.61
Fundamentals:
3 PM USD Manufacturing PMI
USD JOLTS Job Openings
6pm USD Bullard Speaks
Comment:
The drubbing global technology stocks have seen this year may be far from over. As the Federal Reserve aggressively tightens monetary policy to fight inflation, raising the specter of a recession. Even as a potential economic contraction looms, analysts are still predicting that earnings growth for tech companies will accelerate late this year and in 2023. Investors are overweight the sector in their portfolios and expect to profit by buying when prices dip, according to Bank of America Corp.’s quantitative strategists. Until that optimism fades, tech stocks won’t find a bottom, the firm says.
Analysis: SCRUM Team
