The stock market was dominated by sellers on Thursday (at least so far). The worse moods that we saw during the European session are also spreading to the US market. The main stock indices from the Old Continent, as well as futures for indices in the USA, are trading lower. Although an attempt to rebound following the release of the ADP report, sentiment remains bearish.
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Open account Try demo Download mobile app Download mobile appLet's take a look at the technical situation on the US30 and US100
US30
Market bears took over control and the US30 broke lower the neckline of the head and shoulders formation. However buyers regained control at the horizontal support at 34,400 pts. Should they manade to hald declines here, another upward impulse may start. On the other hand, should the index price break below the aforementioned 34,400 pts area, the deeper downward correction may start.
US30 H1 interval. Source: xStation5
US100
US100 has been trading in a local sideways move recently. Sellers took the lead today and the price reached the key support area near 13,560 points. If buyers manage to stop the decline here, another upward impulse may be possible. Otherwise, the downward correction may extend towards the next support at 13,410 points.
US100 H1 interval. Source: xStation5
But one should remember that all eyes are still on tomorrow's jobs report to hopefully provide a catalyst for investors and answer the question of whether the Fed will be able to maintain its current policy.
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