Hey, traders. There were big movement on the chart.
Let's check the chart quickly.
We can see
1. short-term descending channel.
2. the price is dropping from top of the descending channel.
3. support on 10400.00
We should check
Wednesday - PPI (MoM) (Sep), ECB President Lagarde Speaks
Thursday - EIA Short-Term Energy Outlook, FOMC Meeting Minutes, Core CPI (MoM) (Sep), CPI (YoY) (Sep), CPI (MoM) (Sep), Initial Jobless Claims
Friday - Core Retail Sales (MoM) (Sep), Retail Sales (MoM) (Sep)
We can expect
1. rebounding by support on 10400.00 which is middle line of the descending channel.
2. the price drops to 8500.00 by breaking support on 10400.00
In last week, we could see US job market is strong and Fed will keep thier monetary policy which is pushing the market downward.
This will gives more power to the descending channel on US100 chart.
As we mentioned last week, it was short-term rebounding and turned to bearish movement.
But, still, there is a chance to buy, and it will be on 10400.00. (It won't be long-term though.)
If you have a Short position, you may need to hedge.
One more, If the price breaks the support on 10400.00, it will keep dropping to 8500.00 which is bottom of descending channel.
Thank you for reading and hope this insight was helpful.
Analyzed by Han.
Let's check the chart quickly.
We can see
1. short-term descending channel.
2. the price is dropping from top of the descending channel.
3. support on 10400.00
We should check
Wednesday - PPI (MoM) (Sep), ECB President Lagarde Speaks
Thursday - EIA Short-Term Energy Outlook, FOMC Meeting Minutes, Core CPI (MoM) (Sep), CPI (YoY) (Sep), CPI (MoM) (Sep), Initial Jobless Claims
Friday - Core Retail Sales (MoM) (Sep), Retail Sales (MoM) (Sep)
We can expect
1. rebounding by support on 10400.00 which is middle line of the descending channel.
2. the price drops to 8500.00 by breaking support on 10400.00
In last week, we could see US job market is strong and Fed will keep thier monetary policy which is pushing the market downward.
This will gives more power to the descending channel on US100 chart.
As we mentioned last week, it was short-term rebounding and turned to bearish movement.
But, still, there is a chance to buy, and it will be on 10400.00. (It won't be long-term though.)
If you have a Short position, you may need to hedge.
One more, If the price breaks the support on 10400.00, it will keep dropping to 8500.00 which is bottom of descending channel.
Thank you for reading and hope this insight was helpful.
Analyzed by Han.
