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US OPENING BELL 28-11-2022

Started by PocketOption, Nov 29, 2022, 06:16 am

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PocketOption

US OPENING BELL 28-11-2022

EUROPEAN EQUITIES EDGE LOWER AHEAD OF THE US OPENING BELL; THE NEW CHINES COVID OUTBREAK WEIGHING ON MARKET SENTIMENT AND OIL; THE USD APPROACHES THE 200-MA FOR THE FIRST TIME SINCE JUNE 2021.


All major European indices trade below parity this early morning session of the week. Currently, the Dax is down 0.84%, the Cac40 0.83% and the Eurostoxx 0.71%.


The sentiment is, therefore, negative after the long US Thanksgiving holiday weekend, mainly due to negative news from China. Large protests are taking place across the country following the reintroduction of lockdowns in several cities due to the outbreak of a new wave of Covid. It, therefore, seems that the authorities may quickly start to change their minds and return to the Zero-Covid policy that has characterised the regime throughout the pandemic, even though a few weeks ago, the message had gone out about a possible relaxation of these measures to encourage economic recovery.


This news weighed above all on oil prices (China is the world’s second-largest consumer and exporter of crude oil), which broke down from the lows of the end of September and is now trading at levels not seen since December 2021 at around 74 dollars per barrel. On the FX front, on the other hand, of note is the continued descent of the US dollar, which is now facing critical long-term support, given by the 200-day moving average.


As far as the macroeconomic calendar is concerned, no significant data is expected to be released today. Still, it will be helpful to follow the scheduled speeches of Lagarde this afternoon and of various FED representatives.




EURUSD, M15



The EURUSD rose strongly this morning and broke the most significant intraday resistance area, between the 1.0404 mark and the W-1 VAH. As for today, the latter area is now the most crucial intraday support area. In contrast, the most significant intraday resistance area is between the 1.0525 and the 1.0587 marks (the blue rectangle on the chart). From a technical standpoint, as long as prices remain above the support, the most likely scenario is a continuation of the trend toward the resistance. On the flip side, a breakout of the support downward could lead prices to drop in the area between the W-2 POC and the W-2 VAL.


Main intraday support areas where to look for long trades in case of a bullish candlestick pattern or short trades in case of a bearish candlestick pattern: 1.0429-1.0404, 1.0387, 1.0336-1.0325.


Main intraday resistances areas where to look for short trades in case of a bearish candlestick pattern or long trades in case of a bullish candlestick pattern: 1.0525-1.0587.


S&P500, M30



The S&P500 is trading close to the most significant intraday resistance area, the W-2 VAH. In contrast, the primary intraday support is the 3984 mark (LVN). From a technical point of view, as long as prices remain below the resistance, the most likely scenario is a drop toward the support and the W-2 POC in extension. On the other hand, if prices can overcome the resistance and retrieve the 4013 mark, a new stretch attempt toward the W-1 POC is expected.


Main intraday support areas where to look for long trades in case of a bullish candlestick pattern or short trades in case of a bearish candlestick pattern: 3984, 3964.


Main intraday resistances areas where to look for short trades in case of a bearish candlestick pattern or long trades in case of a bullish candlestick pattern: 3999, 4013, 4027, 4043.


Key:


POC= Point of Control

VAH= Value Area High

VAL= Value Area Low

LVN= Low Volume Node

HVN= High Volume Node

W-1= last week

W-2= two weeks ago

W-3= three weeks ago

D-1= yesterday

D-2= two days ago

D-3= three days ago


The post US OPENING BELL 28-11-2022 appeared first on Key To Markets Blog.


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