Equity futures have taken a breather ahead of tomorrow’s US CPI data as investors awaited Fed Chair Jerome Powell’s speech. Get your market update from Tams707 here:
on the weekly chart suggestive of indecision, the zone between 14618 and the December high of 14682 remains key for the imminent move.With the 14829 - 14833 zone providing support for Dax futures on numerous occasions throughout 2021 came into play in January and February last year. As the onset of theand shift in sentiment fueled bearish momentum, the technically significant zone continues to provide a firm barrier of resistance that could limit the upside move.
If buyers are able to hold above this zone, a retest of the current monthly high and a move hold above 14900 is necessary to drive prices back towards the March 2022 high of 14945. From there, the 15000 psychological level looms with the 88% Fibonacci of the 2020 - 2021 move holding at 15296.On the contrary, if prices fall below 14618, a break of 14500 and below 13980 could see the next level of support forming at the December low of 13795.
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