US equities advanced to a fresh record high of 24548 on Tuesday, after conquering the H4 Quasimodo resistance level coming in at 24476. At this point, sellers’ stop-loss orders are likely filled, with this line now likely to offer a base of support.
Direction:
• Long: Traders may want to consider exercising a bit of patience here and waiting for H4 price to RETEST 24476 as support. After support is confirmed by a reasonably sized H4 bull candle, one can feel relatively confident that further upside is on the cards.
• Short: Selling this market with absolutely no obvious resistance in sight is not a trade that most would label high probability. Therefore, sell with caution!
Data points to consider: US CPI figures at 1.30pm; FOMC interest-rate decision, economic projections and statement at 7pm; FOMC press conference at 7.30pm; FOMC member Brainard speaks at 11pm GMT.
Direction:
• Long: Traders may want to consider exercising a bit of patience here and waiting for H4 price to RETEST 24476 as support. After support is confirmed by a reasonably sized H4 bull candle, one can feel relatively confident that further upside is on the cards.
• Short: Selling this market with absolutely no obvious resistance in sight is not a trade that most would label high probability. Therefore, sell with caution!
Data points to consider: US CPI figures at 1.30pm; FOMC interest-rate decision, economic projections and statement at 7pm; FOMC press conference at 7.30pm; FOMC member Brainard speaks at 11pm GMT.
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