Indices wipe out initial gains📉

5:31 PM June 9, 2023

Wall Street indices have stemmed the dynamic downward wave from the start of today's session and the major indices are now trading close to yesterday's closing levels. While there is no single reason why the initial gains have been erased, an important factor for risk aversion today is the closing of profitable trades ahead of the weekend (which is even more important due to the fact that next weekend is packed with macro events of the utmost importance (US CPI inflation, FED and ECB decision)). The US100 index erased almost all of the gains recorded during today's session. Interestingly, this move was confirmed by the increased volume, which by its magnitude surpassed yesterday's session. Short-term resistance is still established at 14 700 points. Local supports are the zone of yesterday's minima and the zone close to the EMA 50 at 14420 points. Source: xStation5 


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