Christopher LewisGet DailyForex analysis to your emailI think at this point, we are simply looking for the next catalyst to tell us which direction to go. For what it is worth, retail sales suggest during the session on Wednesday that the Fed still has further to go.pulled back a bit during the trading session on Wednesday again, as the 4000 level continues to offer a bit of resistance., which of course attracts a lot of attention in and of itself.
Beyond that, we are also during the earnings season, so therefore a lot of companies are out there reporting, and not everything is exactly peachy.Looking at this chart, I think that we have gotten a bit overextended, but what I would really pay attention to is the fact that we shot straight up in the air after that CPI number last week and have simply done nothing sense.
In that scenario, if we break above the top of the shooting started it would close from the Tuesday session, then it’s possible that we could investigate the 4150 level. After that, we have the 4200 level, followed by the 4300 level. Ultimately, this is a situation where you have quite a bit of negativity out there, and even though we have had such a nice run to the upside, it does make quite a bit of sense that the market probably pulls back a bit as the momentum has taken a backseat over the last couple of days.
I think at this point, we are simply looking for the next catalyst to tell us which direction to go. For what it is worth, retail sales suggest during the session on Wednesday that the
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