FOMC MINUTES AND GDP IMPACT! |TECHNICAL ANALYSIS OF THE MARKET| 20-24 FEB 23 #shorts #stockstowatch
1Hello Traders,
Firstly, the FOMC meeting minutes are set to release on February 22nd at 2 pm followed by the GDP data on the 23rd at 8:30 am. These events are critical and may cause some volatility in the market.
Despite the market's recent volatility, both NQ and ES are currently holding steady. NQ is expected to retest a price range between 12105-12000 where it may bounce back to 12500. Meanwhile, ES may experience a slight pullback towards 4000 after retesting 4057. Additionally, the US dollar is forming a nice inverse head and shoulder pattern and, following rejection from 105.50, it will start forming its right shoulder.
Overall, the market is still in an uptrend, and it will likely continue to hold that trend until the first week of March.
Thank you.
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