Hey, traders. We are back from weekend. There was a big movement on the market earlier today, and hope you guys had good chances from that. Let's see the US100 chart and check what we need to know for this week.
We can see 1. price is following the descending channel. 2. support on 10700.00 which is center line of the descending channel. 3. support on 9000.00 which is bottom line of the descending channel.
We should check 1. ECB President Lagarde Speaks (26~28) 2. Fed Chair Powell Speaks (27~28) 3. Core Durable Goods Orders (MoM) (Aug) 4. CB Consumer Confidence (Sep) 5. GDP (QoQ) (Q2) 6. Core PCE Price Index (MoM) (Aug) 7. Caixin Manufacturing PMI (Sep)
We can expect 1. the price keep dropping to 10700.00 by breaking support on 11200.00 2. the price jump up for short by support on 10700.00 3. the price keep falling to 9000.00 which looks like bottom of the descedning channel.
Beacuse of FOMC meeting, it is hard to make chances for Long position. We should check the bottom is 10700.00 or 9000.00, and then, we finally can have chance for that. Before finding the bottom line, Short position will be favorable. (but, first, 11200.00 has to be brokne for short postion.)
Hope you guys have good chance. Thank you for reading and hope this insight was helpful.