US stock market overview

U.S. stocks rose for the first time in more than nine months on Friday, as wage growth in the United States began to slow and the unemployment rate rose from a 53-year low. Investors speculated that the Federal Reserve may pause interest rate hikes at its upcoming policy meeting, and the debt ceiling agreement signed over the weekend boosted investor confidence.

The S&P 500 and the Dow closed marginally lower on Monday. While oil prices stayed constant after Saudi Arabia declared a significant reduction in supply.

Meanwhile, big tech businesses were boosted by 1% gains in Alphabet Inc (NASDAQ:GOOGL), Amazon.com Inc (NASDAQ:AMZN) and Microsoft Corporation (NASDAQ:MSFT), whereas Apple (NASDAQ:AAPL) temporarily reached a record high before dipping on the unveiling of a new product line.

Oil prices, which have been under pressure as concerns about China's weakening economy have grown, are attempting to preserve profit levels. Saudi Arabia declared that it would lower production to 9 million bpd in July, down from about 10 million bpd in May, the largest reduction in production in years.

The huge US bank sector slumped after the Wall Street Journal reported that US regulators are planning to tighten regulations for big banks. This might include a mandate to increase the minimum capital requirements by 20% on average.

The US economic data revealed an unexpected dip in service activity in May, owing to a slowdown in new orders. While the number in the manufacturing sector continues to fall, boosting the chance that the Fed's rigorous policy may be temporarily suspended. As a result, the US stock market may fluctuate within a range until it stabilizes ahead of the impending policy meeting.

Data for Technical Analysis (5H) CFD US 500 [S&P 500]

Resistance : 4283.0, 4288.1, 4296.3

Support : 4266.6, 4261.5, 4253.3                               

5H Outlook

Source: Investing.com         

Buy/Long 1 If the support at the price range 4261.6 - 4266.6 is touched, but the support at 4266.6 cannot be broken, the TP may be set around 4282.7 and the SL around 4257.0, or up to the risk appetite.

Buy/Long 2 If the resistance can be broken at the price range of 4283.0 - 4288.0, TP may be set around 4296.3 and SL around 4261.0, or up to the risk appetite.       

Sell/Short 1 If the resistance at the price range 4283.0 - 4288.0 is touched, but the resistance at 4283.0 cannot be broken, the TP may be set around 4261.2 and the SL around 4292.0, or up to the risk appetite.

Sell/Short 2 If the support can be broken at the price range of 4261.6 - 4266.6, TP may be set around 4253.3 and SL around 4287.0, or up to the risk appetite.       

Pivot Points Jun 06, 2023 02:39AM GMT

Sources: Investing 1, Investing 2