WallStreet Steady as Markets Await Retail Sales Data and Earning
Technical Analysis: Sustained Bullish Momentum Amid Earnings Season
- Next Outlook:
The Nasdaq has reached its first resistance level at 20545 and has since reversed to its support line at 20385. It is expected to consolidate between 20385 and 20545 until a breakout occurs. - Bullish Scenario:
As long as the price remains above 20385, the targets are set at 20540 and 20725. - Bearish Scenario:
For a bearish trend to be confirmed, the price needs to stabilize below 20385 and close a 1-hour or 4-hour candle under this level, targeting 20085. A break below 20085 would open the path to a bearish zone, with further targets at 19845 and 19625. - Key Levels:
- Pivot Line: 20385
- Resistance Levels: 20540, 20725, 20900
- Support Levels: 20085, 19845, 19625 - Today's Expected Range:
The price is anticipated to fluctuate between the support at 20085 and the resistance at 20725.
Previous idea:Wall Street Futures Steady Amid Awaited Retail Sales Data and Corporate Earnings
Wall Street futures remained steady on Tuesday following a strong rally in the main U.S. indexes during the previous session. The market's focus now shifts to retail sales numbers and a series of corporate earnings reports.
Attention is particularly directed towards retail sales data to gauge consumer response to persistent inflation in the United States. Economists polled by Reuters expect June retail sales to decline by 0.3% on a monthly basis. However, core retail prices are anticipated to remain unchanged.
This data will provide crucial insights into consumer behavior and economic resilience amid inflationary pressures, potentially influencing market movements and investor sentiment in the near term.
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