MELOW WEEK | TECHNICAL ANALYSIS OF THE MARKET |5th -8th SEP 23 #shorts #stockmarket #futures
0Greetings, fellow traders!
As we step into the trading week following a leisurely long weekend, it's evident that we're in for a rather subdued market atmosphere. The week ahead presents us with a few economic events, with the jobless claim report scheduled for Thursday, followed by speeches from several Federal Reserve representatives. Wrapping up the week, we'll be closely watching the Wholesale Inventory report.
NQ, for instance, is currently shaping a megaphone pattern, signaling a potential pullback after facing resistance at the 15,682 level. Keep a watchful eye on the critical 15,037 level, which aligns with the golden pocket of the Fibonacci retracement. Likewise, ES is exhibiting a similar megaphone formation, with a golden pocket nestled between 4,422 and 4,416.
Considering the shortened 4-day trading week, it's prudent to prepare for lower trading volume, potentially translating into more extreme directional movements, albeit within defined ranges.
Lastly, the US dollar is attempting to breach the resistance zone ranging from 104 to 104.50. A failure to break through this barrier could trigger a retracement to the 102 level.
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