Source: PaxForex Premium Analytics Portal, Fundamental Insight
US Initial Jobless Claims for the week of September 30th are predicted at 231K, and US Continuing Claims for the week of September 23rd at 1,830K. Forex traders can compare this to US Initial Jobless Claims for the week of September 23rd, reported at 225K, and US Continuing Claims for the week of September 16th, reported at 1,826K.
The US CPI for September is predicted to increase by 0.1% monthly and 2.3% annualized. Forex traders can compare this to the US CPI for August, which expanded by 0.2% monthly and 2.5% annualized. The US Core CPI for September is predicted to rise by 0.2% monthly and 3.2% annualized. Forex traders can compare this to the US Core CPI for August, which increased by 0.3% monthly and 3.2% annualized.
US Natural Gas Inventories for the week ending October 4th are predicted to increase by 73B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending September 27th, which rose by 55B cubic feet.
The US Monthly Budget Statement for September is predicted at $61.0B. Forex traders can compare this to the US Monthly Budget Statement for August, reported at -$380.0B.
The forecast for the SP500 turned cautiously bearish, with this equity index ignoring medium-term issues fueled by hopes that the economy will experience a soft landing. The Tenkan-sen and the Kijun-sen have flatlined, suggesting the absence of short-term upside momentum. The Senkou Span A and the Senkou Span B of the Ichimoku Kinko Hyo Cloud are also flat, confirming the lack of bullishness. Traders should also monitor the CCI in extreme overbought territory and unsustainable levels. A breakdown below 100 could trigger the next leg lower. Can bears regain control over the SP500 and force price action into its horizontal support area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the SP500 Index remain inside the or breakdown below the 5,765 to 5,825 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 5.795
- Take Profit Zone: 5.390 – 5.465
- Stop Loss Level: 5.855
Should price action for the SP500 Index break out above 5,825, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 5.855
- Take Profit Zone: 5.910 – 5.970
- Stop Loss Level: 5.825
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