CAN MEGA CAP EARNINGS SAVE THE MARKET?|TECHNICAL ANALYSIS OF FUTURES| 23-27th OCT23 #shorts #futures
3Hello Traders,
This week, we witnessed Fed Chairman Powell's speech, during which he touched upon several critical aspects of the Fed's strategy to combat inflation. Unfortunately, the market did not react favorably to this news, and the sell-off that began on Thursday persisted into Friday. Looking ahead to next week, there are two significant events Firstly, we have GDP data on Thursday, followed by PCE data on Friday.
In terms of technical analysis, my previous assessment proved to be accurate as the futures market closely followed my predictions. As for NASDAQ, the situation remains unchanged from last week, with the index still residing within the liquidity zone. Ideally, we should see a rebound from the fourteen thousand five hundred level; however, if not, the next support is at fourteen thousand four hundred fifty-three.
Turning to ES, it briefly dipped below the liquidity zone at four thousand two hundred forty-nine, and there's a chance it might experience a rebound, testing the 4311 level. Alternatively, it could extend its decline, seeking liquidity in the subsequent zone situated between four thousand one hundred eighty-eight and four thousand seventy-nine.
Lastly, the US dollar exhibits strength and appears likely to remain within the range of one hundred six point zero eight four to one hundred seven point two nine three.
That's a wrap for this video! Thank you for watching, and I'll see you next week.
Thank you
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