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US2000, Time frame: 4h, Tools: SMA100The attached chart highlights the importance of the support levels around 2,790 for the US2000 Index, where the index has held on two consecutive previous occasions. It also shows that the index has been moving within a short-term downward trend, declining from the 3,073 levels to its current levels around 2,800, particularly after falling 0.5% in yesterday’s session.
The continued rise in bond yields to record levels, their highest in more than two decades, persistent inflation at elevated levels, and expectations of a US interest rate hike by the end of the current month continue to add pressure on US equity indices. Meanwhile, markets are awaiting the labor market data scheduled to be released next Friday.
In conclusion, amid key economic data releases this week, the outlook points to a potential move either above the 2,830 resistance zone or below the 2,790 support level.
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