WILL FOMC STOP BLEEDING? | TECHNICAL ANALYSIS OF FUTURES | 30th Oct - 3rd Nov 23 #shorts #futures
0Hello Traders,
While the GDP and PCE data fell in line with market expectations, there persists a prevailing selling pressure within the market. This week holds added significance, chiefly due to the impending release of the FOMC minutes on Wednesday, November 1st. Market consensus currently leans towards no impending rate hike, but the overall market sentiment will undoubtedly crystallize following the FOMC minutes and the unveiling of Apple's earnings report.
Taking a closer look at the technical analysis, the Nasdaq is close to its next liquidity zone, spanning from 14,054 to 13,556. Should the NASDAQ breach the critical 14,000 level, the subsequent target would become 13,746. An interesting facet of this liquidity zone is its notably light trading volume, though it may still present an opportunity for a potential rebound.
Meanwhile, the ES, nestled within its liquidity zone ranging from 4,188 to 4,079, has completed five consecutive downward waves. It's imperative to exercise caution in this zone and refrain from initiating short positions, as there's a possibility of a resurgence towards its previous liquidity zone, spanning from 4,304 to 4,249.
In the realm of currencies, the dollar has been trading sideways within the narrow band of 106.84 to 107.29, with the potential to slide down towards its adjacent liquidity zone, stretching from 105.86 to 104.62.
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