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US OPENING BELL 05-09-2022

Started by PocketOption, Sep 05, 2022, 08:39 pm

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PocketOption

US OPENING BELL 05-09-2022

EUROPEAN EQUITIES REMAIN LOWER; THE US LABOR DAY HOLIDAY WILL IMPACT THE TRADING DAY; GAS PRICES JUMP WHILE EUROPEAN PMI DATA DISAPPOINTED EXPECTATIONS.


European stocks are trying to recover after a tough start to the day, with traders looking with growing concern at the macroeconomic data and news that continue to come in and be harmful. Currently, European futures are in the red: the Dax trades at -2.52 %, the Cac40 at -1.80% and the Eurostoxx at -2.12%. London’s FTSE100 (-0.73%) contains losses as it waits to finally figure out who the new prime minister will be, with bookmakers favouring Liz Truss, PM Johnson’s current foreign minister. Today will be characterized by minimal trading on Wall Street due to holidays, so the market’s low liquidity could exacerbate intraday movements.


Investors are certainly weighing the poor macro data that arrived in the morning and the already mentioned halt to incoming n gas from the main Nord Stream pipeline. After G7 ministers talked about capping the price of n gas, Moscow announced that supplies through the pipeline would not be able to resume as initially planned due to another outage, and that’s until indefinitely. As a result, the gas price has risen sharply this morning in Amsterdam, where from Friday’s close at around 214, it is trading at 266 after having touched a high in the 291 area.


European PMI data this morning confirmed a further slowdown in growth, and retail sales in the Eurozone were also worse than expected. The annual figure came in at -0.9% versus -0.7% expected, and the monthly figure at 0.3% versus 0.4%.


As for the macroeconomic calendar, no primary data are expected for the rest of the day.




EURUSD, M15



The EURUSD successfully broke the primary intraday resistance this morning (the 0.9904 mark) and stretched to the W-2 VAL. However, it seems not to have the appropriate strength to recover significantly. From a technical point of view, the old resistance has now become the most significant intraday support. In contrast, the main intraday resistance for the rest of the day is the W-2 VAL. As long as prices remain above the support, they could fill the open gap and, if they break the W-1 VAL upward, target the W-2 POC & W-1 VAH. On the other hand, a return below the 0.9904 mark could pave the way for further declines until this morning’s low. In the medium-term, the scenario remains bearish, with lower support around the 0.9830 and 0.9700 mark.


Main intraday support areas where to look for long trades in case of bullish candlestick pattern or short trades in case of bearish candlestick pattern: 0.9904, 0.9877, 0.9834.


Main intraday resistances areas where to look for short trades in case of bearish candlestick pattern or long trades in case of bullish candlestick pattern: 0.9945, 0.9975, 1.0002.


S&P500, M30



The S&P500 will probably not have a directional trading day due to the US Labor day holiday. The trend will most likely remain sideways until tomorrow. From a technical standpoint, the most significant intraday resistance area is the W-1 VAL. As long as prices stay below that area, the index could continue to fall and reach the 3880 mark. On the other hand, a noteworthy rebound could only occur if the index manages to break through the primary resistance upward and consolidate above it. Higher resistance areas are the W-1 POC and, in extension, the W-1 VAH.


Main intraday support areas where to look for long trades in case of bullish candlestick pattern or short trades in case of bearish candlestick pattern: 3880.


Main intraday resistances areas where to look for short trades in case of bearish candlestick pattern or long trades in case of bullish candlestick pattern: 3942, 3955, 3982.


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