US stocks initially dropped on Thursday after US inflation came in higher than expected. (Pivot Orderbook analysis)
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]
- US stocks initially dropped on Thursday after US inflation came in higher than expected.
- Despite reduced odds of ratecuts, Treasury yields fell, propping up markets.
- Friday will close out the week with US PPI figures.
The pair currently trades last at 4776.99.
The previous day high was 4789.22 while the previous day low was 4748.46. The daily 38.2% Fib levels comes at 4773.65, expected to provide support. Similarly, the daily 61.8% fib level is at 4764.03, expected to provide support.
US equity indexes twisted on Thursday after US Consumer Price Index (CPI) inflation came in broadly above market expectations, sending equities lower and safe havens climbing in the early US trading session.
Market fears subsided and a decline in Treasury yields helped to bid equity indexes back into the day’s starting bids, keeping broad-market stock measures roughly on-balance as investors head into Friday’s US Producer Price Index (PPI) inflation print.
US CPI inflation climbs to 3.4% in December vs. 3.2% expected
US headline CPI inflation for the year ended December came in at 3.4% versus the market forecast of 3.2%, handily climbing over the previous period’s 3.1. December’s MoM CPI came in higher than expected at 0.3% versus the forecast 0.2%, and climbing further over November’s 0.1% print.
US Initial Jobless Claims for the week ended January 5 also came in better than expected, printing at 202K versus the anticipated 210K, though the previous week did see a slight upside revision to 203K (pre-revision 202K).
The US Producer Price Index (PPI) for December is expected to tick slightly higher from 0.0% to 0.1%, while annualized Core PPI for the year ended December is expected to clip lower from 2.0% to 1.9%.
US equity indexes are largely unchanged for Thursday, with the Standard & Poor’s (S&P) 500 major equity index ended Thursday down a scant 0.07%, sliding 3.2 points to end the day at $4,780.24. The Dow Jones Industrial Average (DJIA) closed at $37,711.02, up nearly 15.3 points and shaving into the green by 0.04%.
The NASDAQ Composite index ended Thursday almost perfectly flat at 0.0%, gaining half of a single point to close at $14,970.19, while the Russell 2000 index took a 0.75% hit to end the day at $14,970.19, down 14.8 points.
The S&P 500 major equity index declined from the day’s early high of $4,800.76 to an intraday low of $4,737.52 before rebounding to settle near $4,780.
Thursday’s swing lower caught a sharp technical rebound from the 200-hour Simple Moving Average (SMA) just below $4,750, chalking in a near-term technical floor.
Despite Thursday’s tests into the lower near-term bounds, the S&P 500 remains well-bid with the index holding steady near December’s late highs. The index sloughed off January’s early declines and equities are set for a continued rally into all-time highs beyond 2021’s late peak at $4,812.38.
Technical Levels: Supports and Resistances
EURUSD currently trading at 4776.99 at the time of writing. Pair opened at 4781.35 and is trading with a change of -0.09 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 4776.99 |
| 1 | Today Daily Change | -4.36 |
| 2 | Today Daily Change % | -0.09 |
| 3 | Today daily open | 4781.35 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 4741.15, 50 SMA 4594.85, 100 SMA @ 4474.43 and 200 SMA @ 4392.59.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 4741.15 |
| 1 | Daily SMA50 | 4594.85 |
| 2 | Daily SMA100 | 4474.43 |
| 3 | Daily SMA200 | 4392.59 |
The previous day high was 4789.22 while the previous day low was 4748.46. The daily 38.2% Fib levels comes at 4773.65, expected to provide support. Similarly, the daily 61.8% fib level is at 4764.03, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 4756.8, 4732.25, 4716.04
- Pivot resistance is noted at 4797.56, 4813.77, 4838.32
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 4789.22 |
| Previous Daily Low | 4748.46 |
| Previous Weekly High | 4782.07 |
| Previous Weekly Low | 4662.84 |
| Previous Monthly High | 4794.65 |
| Previous Monthly Low | 4542.87 |
| Daily Fibonacci 38.2% | 4773.65 |
| Daily Fibonacci 61.8% | 4764.03 |
| Daily Pivot Point S1 | 4756.80 |
| Daily Pivot Point S2 | 4732.25 |
| Daily Pivot Point S3 | 4716.04 |
| Daily Pivot Point R1 | 4797.56 |
| Daily Pivot Point R2 | 4813.77 |
| Daily Pivot Point R3 | 4838.32 |
[/s2If]
Nehcap Trading Strategies
The NEHCAP currently runs the following trading systems for clients. They can be bought and run on your funds.
The system is trading live: LIVE ACCOUNT TRACKING
Contact Us: Contact
The HFT_FIX can be run free for 2 weeks on any broker with a ECN. Apply for a free trial
Join Our Telegram Group
