CPI, PPI AND SANTA RALLY | TECHNICAL ANALYSIS OF FUTURES | 13 - 17th Nov 23 #shorts #futures
1Welcome back, traders! Last week was nothing short of fantastic as the market bounced back from crucial levels. But what's in store for us this week? Let's dive into the key events.
On Monday, brace yourselves as the Federal Reserve's monthly budget is set to be declared. Tuesday brings us the Consumer Price Index (CPI), and on Wednesday, we'll be eagerly awaiting the Producer Price Index (PPI) along with retail sales data. Plus, keep an ear out for speeches from various Federal Reserve members throughout the week.
Pay close attention to the CPI and PPI reports; these will be pivotal in shaping the outlook for the next rate hike.
Now, shifting gears to technical analysis, the NASDAQ experienced a solid bounce from the 14,000 level, surging back above 15,500. It's currently navigating the liquidity zone between 15,919 and 15,365. The crucial point to watch is whether NASDAQ can break above 15,600. A failure to do so might trigger a retest of the upper trendline around 15,250.
Meanwhile, the S&P 500 (ES) is hovering around previous support levels at 4,418. Keep a close eye on whether ES can hold this level and potentially rally towards retesting its trendline at 4,493, which also aligns with the lower boundary of the liquidity zone between 4,493 and 4,572. In the event of a pullback, anticipate a short one, possibly retracing to 4,300.
The US Dollar has also experienced a rebound after securing liquidity between 105.86 and 104.62. Look for a potential push towards 106.40 in the coming sessions.
Stay tuned for an action-packed week in the markets, and happy trading!
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