Instrument: US2000+
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1693.1 with take profit at 1708.6
Bearish Preference:
Sell position is envisaged if price trades below 1674.2 with take profit at 1667.8
Fundamentals:
3 PM CB Consumer Confidence
Comment:
Wall Street’s main indexes suffered heavy losses last week with the Nasdaq dropping 5.03% – its second straight week falling by more than 5% – while the S&P 500 ended down 4.77% and the Dow shed 4%. The Dow only narrowly avoided joining the S&P 500 and the Nasdaq in a bear market. A rout in bond markets added pressure on stocks as investors recalibrated their portfolios to a world of persistent inflation and rising interest rates. Investors were caught off guard after the Fed indicated last week it expects high U.S. rates to last through 2023. While recent data has indicated that the U.S. economy remains comparatively strong, investors worry the Fed’s tightening will tip the economy into a recession.
Analysis: SCRUM Team