Bottom forming in US equities?
US inflation figures just released show higher than expected, but slowing. Markets responded with another move down of 80bps.
However supply/demand and technicals indicate we may be bottoming.
Volume profile: low volume through 4000-4100 cleared, and S&P500 entering large volume range / Support Zone at 3750-4000.
Quite a wide range, so S&P 500 high chance of another -4% to lower end of this Support Zone.
Interestingly, -4% takes us to 3800, a level that is also the same magnitude from the H&S neckline down, as from the neckline up to the peak.
3800-3900 seems an excellent target to add/re-enter.
Target price? A short-term rally could move up to 4300-4400 where the 200D MA will trend to and average volume has traded over 12 months.
However supply/demand and technicals indicate we may be bottoming.
Volume profile: low volume through 4000-4100 cleared, and S&P500 entering large volume range / Support Zone at 3750-4000.
Quite a wide range, so S&P 500 high chance of another -4% to lower end of this Support Zone.
Interestingly, -4% takes us to 3800, a level that is also the same magnitude from the H&S neckline down, as from the neckline up to the peak.
3800-3900 seems an excellent target to add/re-enter.
Target price? A short-term rally could move up to 4300-4400 where the 200D MA will trend to and average volume has traded over 12 months.
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