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US Session: Negative sentiment from Europe and increased sell pressure in the US PreMarket. Holding the trade in a range during today’s session.

Sell ​​pressure in PreMarket trading on Wall Street and futures mixed. After the long weekend, the SP500 and Nasdaq will start trading above Friday’s closing levels, while the Dow Jones will open marginally lower.
-Negative sentiment from Europe, as in the last 1h. indices deepen decline.

Market support today comes again from Tech Mega Caps
Nvidia is up over 2.5% in premarket trading, continuing its rally after a strong Q1 report.
Apple is up about 2% in premarket trading, after shipments to China have also grown by 52% year-on-year.

There is some caution among traders, with early defensive positioning likely in the early sessions before we get a set of key releases at the end of the week.
-With the greatest weight will be the PCE data on Friday /3:30 p.m./ like the day before, the GDP data from the USA is also expected /Thursday 3:30 p.m./

In focus during today’s state session are:

  • 5:00 p.m. – Consumer attitudes in the US
  • 5:30 p.m. – Dallas FED MFG Business Index
  • 8:05 p.m. – Statement by Cook /FED/ and Daley /FOMC Member/

THE TECHNICAL PICTURE – SP500 FUTURES – DAILY CHART

  1. Long Trend
  2. DeMarker Oscillator successfully holds in overbought /giving support to buy side traders/
  3. Sequential starts a new ascending print
  4. A successful retest of the breakout above the EX ATH and holding the trade above the $5,300 levels indicates that buyers are still dominating the trade.
SPX-Index

I expect a trade hold between the 5,340 and 5,300 levels during today’s session. The first few sessions are very likely to see choppy trading and positioning ahead of GDP and PCE data at the end of the week.
Alternatively: A decline and close of the daily candlestick below the 5,300 levels will increase sell pressure in the next session, for another test of the $5,275/$5,250 levels.


 Head Dealer Alexander Alexandrov

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