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Instrument: US100
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 13232.88 with take profit at 13247.86
Bearish Preference:
A sell position is envisaged if the price trades below 13172.39 with take profit at 13162.40.
Fundamentals:
1:15pm USD ADP Non-Farm Employment Change
3:00pm USD ISM Services PMI
7:00pm USD FOMC Statement USD Federal Funds Rate
7:30pm USD FOMC Press Conference
Comment:
U.S. stock index futures edged higher on Wednesday after a Wall Street selloff in the previous session, with investors awaiting more economic data ahead of the outcome of a Federal Reserve policy meeting later in the day. Major U.S. stock indexes dropped more than 1% on Tuesday as regional bank shares tumbled and as investors tried to gauge how much longer the Fed may need to hike interest rates. While the Fed is widely expected to deliver a 25-basis point interest rate hike, investor focus will be on cues if further hikes are on the cards if inflation remains high.
Analysis: SCRUM Team
