Amidst a mixed economic outlook, the US30 index continues its bullish momentum, fueled by positive sentiment in the markets. Today's economic calendar forecasts present a diverse range of indicators, painting a nuanced picture of the economic landscape. While Core Retail Sales are expected to rebound, signaling strength in consumer spending, Initial Jobless Claims are projected to remain stable, indicating ongoing labor market stability. Additionally, the Producer Price Index is forecasted to hold steady, reflecting minimal inflationary pressure in producer prices. Conversely, Retail Sales are anticipated to rise, reflecting potential growth in retail activity. Overall, these forecasts highlight resilience in consumer spending and economic stability, with some indicators showing signs of improvement while others maintain their current levels.
In the past six trading days, the US30 index has demonstrated bullish behavior, breaking through key resistance levels at $39100. This bullish momentum is further supported by the volume profile indicator, which suggests that the market sentiment remains bullish, with prices trading above the upper side of the value area. Furthermore, the Bollinger band indicator indicates consistent trading on the upper side of the band, with occasional breaks above it over the past three trading days.
A notable development is the formation of a golden cross in the EMA 50 and 200, signaling a bullish sentiment in the market. The EMA 50 is pointing in the same direction as the EMA 200, with the distance between the two widening, indicating growing bullish momentum. This technical indicator aligns with the recent bullish rally observed in the US30 index over the past six days.
The oscillator indicators, including the RSI and MACD, further support the bullish sentiment observed in the US30 index. The RSI has consistently traded above the 70% level, indicating strong bullish momentum, while also defending the 40% level effectively. Similarly, the MACD signal line has remained above the 0 line, indicating continued bullish momentum in the market.
Overall, the US30 index remains bullish, with the potential for further upside, especially if today's economic news exceeds forecasted expectations. Traders and investors are closely monitoring these economic indicators for insights into the market's future direction and potential trading opportunities.
Key Takeaways:
Forecast 0.5% vs Previous -0.6%
Forecast 218K vs Previous 217K
Forecast 0.3% vs Previous 0.3%
Forecast 0.8% vs Previous -0.8%
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