US Indexes Maintain Pre-Market Open – 22 December 2021

Daily

Further to our previous article, the below shows the daily charts for the US30 (left), SPX500 (middle) and the NAS100 (right). All three indexes had a strong day yesterday with long blue candles. Of significance, the NAS100 has now pushed out of its area of weakness, between the lower blue and lower red bands, into the neutral area, between the blue bands. If the indexes can push further upwards into the area of strength, between the upper blue and red bands, it will be regarded as a bullish development. This is because meaningful moves to the upside tend to happened when price is trending in the upper zone.


Past Performance: Past Performance is not an indicator of future results.

Hourly

The hourly charts below show each of the indexes are in their respective areas of strength. If they can maintain whilst their stochastics move into the upper quintiles, bulls may be looking to follow though from yesterday. However, if the stochastics drift downwards, then market participants may be showing signs of exhaustion after yesterday's price action.


Past Performance: Past Performance is not an indicator of future results.

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Featured Image by Gerd Altmann from Pixabay

Russell Shor

Senior Market Specialist

Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.

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