|Day's range||6,744.0532 - 6,826.0054|
|52-week range||5,304.0098 - 7,022.9702|
Based on the early price action, the direction of the index today is likely to be determined by trader reaction to Fibonacci level at 6709.75.
The US stock markets were calm during most of the trading session on Wednesday, but after the FOMC minutes came out, the market started selling off. Because of this, we may see a bit of value in turn the market place.
It is an important day of reports for global investors as the U.K presents its Inflation Report Hearings and the U.S issues the Fed’s FOMC Meeting Minutes publication.
Based on the early price action, the direction of the index today is likely to be determined by trader reaction to the downtrending Gann angle at 6791.25.
Stock markets rallied during the week, showing signs of recuperation after the massive selloff lately. It makes sense that we could enter a slower phase of the upside, which is a healthy example of an uptrend, something that we will probably continue to follow.
Based on the current price action, the key area to watch into the close will be the downtrending Gann angle at 6823.25 and the steep uptrending Gann angle at 6804.00.
Based on the current price action, the index should be able to maintain its upside bias as long as it remains on the strong side of the Fibonacci level at 6709.75 and the steep uptrending Gann angle at 6676.00.
Based on the early trade, the direction of the index today is likely to be determined by trader reaction to the short-term Fib at 6506.25.
The US stock markets had a positive session on Monday, as traders jumped back to work. The market looks as if it has calmed down from the recent selling off, so I think that the so-called “smart money” is starting to pick up value as it finds it.
Based on the early price action, look for a bullish tone to develop on a sustained move over 6506.25 and for a downside bias on a sustained move under 6440.75.
The US stock markets fell significantly during the week, as we continue to see a lot of noise in the equities space. Ultimately, we did find buyers on Friday, so it’ll be interesting to see what happens next.