CAN FOMC DISRUPTS THE MARKET FLOW? | TECHNICAL ANALYSIS OF THE MARKET | 18-22 SEP 23 #shorts
0Hello Traders,
I may repeat myself, but there is a striking similarity between current market conditions and those of the previous week. As we delve into the upcoming week, there are two pivotal economic events that shape the market's trajectory for the remainder of this month. Wednesday the release of the highly anticipated FOMC minutes, followed by Thursday's unveiling of the PMI data.
For the futures market, the Nasdaq shows a persistent but gradual, descent within the confines of a megaphone formation with a possibility of revisiting the golden pocket zone, lying tantalizingly between the levels of 15,010 and 14,973. This zone garners particular focus due to support, facilitating a rebound to the 15,386.
FOR S&P 500, briefly broke above the megaphone, got rejected, and pulled back into the formation. It can retest the golden pocket zone between 4,549 and 4,427 to retest its support.
Nothing much has changed on the dollar side. Based on the outcome of the FOMC minutes it can break above 105.86 or can slip down to 104.28.
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