S&P 500 – Daily Outlook
The U.S. stock market index SPX is trading at 2,631.25, down -4.25 points and -0.17%. Recalling our previous update, the index was trading in an overbought zone below 2,680 before falling down. It has already completed 61.8% retracement, and it’s likely to face support above 2,616.
Support Resistance
2619.84 2670.44
2604.21 2686.07
2578.91 2711.37
Key Trading Level: 2645.14
Nikkei – Daily Outlook
Japan’s Nikkei dipped -62.80 points to trade at 22,215.32 on Wednesday. Most of the selling trend began in response to a weakness in the Wall Street soured risk sentiment. While the investors focused remained on rising bond yields.
Technically, the index has formed a double top pattern up at 22,350 which is likely to hold Nikkei below 22,350. The 50 periods moving average is suggesting a bullish bias with a significant support at 21,850.
Support Resistance
22184.88 22303.38
22148.28 22339.98
22089.03 22399.23
Key Trading Level: 22244.13
That’s pretty much it for now. I hope you are ready for some action tomorrow in the wake of ECB policy decision. European Central Bank is due to release the monetary policy with wide expectations of no change in minimum bid rate. However, the press conference will be a key market mover. Don’t forget to watch it.
©Forex.Academy
