Global stocks rose on Wednesday on hopes that the Federal Reserve’s hawkish stance will ease after last night’s weak US economic data.
U.S. job openings have fallen to their lowest level in more than two years and consumer confidence is weaker than expected, fueling speculation that the Fed has less room to continue raising interest rates. . The development depreciated the dollar and helped gold and US stocks. Volatility could prove to be the game, given that several more key US economic data are due this week, including consumer spending and nonfarm payrolls.
Increased volatility can bring new opportunities across the board. However, today our focus is on indices and commodities armed with nothing less than technical analysis.
Are the SPX500_m bulls back in town?
The S&P 500 was firmly above the 50-day SMA in the previous trade, with the bulls breaking into the 4500 resistance level. A solid breakout of this point could encourage a move to 4580. A drop to 4463 and 4390 is possible if 4500 proves to be a credible resistance.
Is the NQ100_m ready for another ascent?
After breaking through the 15300 level, the Nasdaq 100 could rise further at the next key interest level at 15700. If the bulls lose momentum, the price can sink below 15300, which could encourage a drop towards 14965 and 14670. , Each.
UK100_m heads for major resistance
The UK100 bull appears to be back in town after rebounding from the 7250 support level. Prices are in a wide range with significant resistance tiers on the 7605 and 7710 respectively. The UK100 could start a new bullish trend if the bulls overcome these key levels. If the price fails to push above 7605, it may fall towards 7370.
Brent approaches weekly resistance
It felt like the same old story of oil prices over the past few weeks when the supply and demand dynamics that affect commodities collided. The price seems to be on the rise thanks to the weaker dollar and the next major interest level turned out to be at 89.00 where the weekly 100 SMA is located.
Will Gold Extend Its Rebound?
Trades this week have discussed whether gold is poised for another breakout. Yesterday we received that answer after precious metals prices broke through the $1920 resistance level on the back of weak US economic data. Gold bulls are likely to rise again and push the price higher amid growing hopes of a weaker dollar and an easing of the Fed’s hawkish stance. The recent breakout of $1,935 may lead the price towards $1,957, where the 100-day SMA exists. The bulls now have the upper hand, but this could easily be overturned by key US economic data, including Friday’s highly anticipated NFP report.
