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US OPENING BELL 16-01-2023


Matteo Marchetti
Market Strategist

EUROPEAN EQUITIES REMAIN LITTLE MOVED AND MIXED AHEAD OF THE US OPENING BELL, WHICH WILL REMAIN LARGELY UNMOVED DUE TO THE MARTIN LUTHER KING HOLIDAY; THE WTI RETRACE FROM RECENT HIGHS, WHILE PRECIOUS METALS CONTINUE THEIR RUN.

The day on the main European inventory exchanges is constant for the second because it started this morning. The key indices are displaying little motion, and the day will in all probability observe this pattern till the top, primarily for 2 fundamental causes, particularly the American vacation on the one hand and the shortage of related knowledge in as we speak’s macroeconomic calendar. Presently, the Dax gained 0.17%, the Cac40 gained 0.16%, and the Eurostoxx dropped 0.45%. The FTSE100 as a substitute stays round parity (-0.02%).

Investor sentiment stays optimistic, however the world indices could take a breath after a really optimistic final week. In spite of everything, beginning tomorrow, the macro knowledge that might be launched will convey many new insights on numerous fronts. Additionally it is believable to imagine that merchants will first wish to await this knowledge after which take a agency place available in the market.

Elsewhere, the WTI was down barely after final week’s very optimistic efficiency (+8.26%). On this sense, merchants are anxiously awaiting OPEC’s Oil Market Report, as a result of be launched tomorrow, to grasp what the adjustments might be in comparison with December, the place an important information would be the cancellation of China’s zero-covid coverage and its influence on crude oil costs. Valuable metals, alternatively, primarily gold and silver, but additionally copper, proceed to replace their interval highs.

As already talked about, no important knowledge is anticipated to be launched as we speak relating to the macro calendar. Nonetheless, following the WEF in Davos and BOE Governor Bailey’s speech might be crucial.


EURUSD, M15

The EURUSD posted a pretend breakout of essentially the most important intraday help space, the W-1 VAH, revealing consumers’ presence within the 1.08 space. Essentially the most attention-grabbing intraday resistance space stays the 1.0866 mark. From a technical standpoint, the almost definitely situation is a continuation of the pattern towards resistance. If costs break the resistance, the yearly LVN could possibly be the subsequent goal within the medium time period. On the alternative facet, affirmation of the breakout of the help could lead on the pair towards decrease help, that means the W-1 POC and the W-1 VAL.

Most important intraday help areas the place to search for lengthy trades in case of a bullish candlestick sample or quick trades in case of a bearish candlestick sample: 1.0817, 1.0743, 1.0718.

Most important intraday resistances areas the place to search for quick trades in case of a bearish candlestick sample or lengthy trades in case of a bullish candlestick sample: 1.0866, 1.0945.

S&P500, M30

The S&P 500 discovered help posting a bullish engulfing round essentially the most important intraday help between 3980 and 3976 marks (the blue rectangle). In that space, we will discover each D-1 and D-2 POC. In distinction, essentially the most essential intraday resistance space is the W-1 VAH. From a technical standpoint, so long as costs stay above the help, the almost definitely situation is a continuation of the uptrend towards the resistance. If costs consolidate above the resistance, the next goal could possibly be the uncovered POC. Alternatively, a downward breakout of the help could lead on costs towards the W-1 POC.

Most important intraday help areas the place to search for lengthy trades in case of a bullish candlestick sample or quick trades in case of a bearish candlestick sample: 3980-3976, 3944, 3921.

Most important intraday resistances areas the place to search for quick trades in case of a bearish candlestick sample or lengthy trades in case of a bullish candlestick sample: 4000, 4032.

Key:

POC= Level of Management
VAH= Worth Space Excessive
VAL= Worth Space Low
LVN= Low Quantity Node
HVN= Excessive Quantity Node
W-1= final week
W-2= two weeks in the past
W-3= three weeks in the past
D-1= yesterday
D-2= two days in the past
D-3= three days in the past





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