As traders continue to watch the situation between Ukraine and Russia, we continue to see certain risk markets pull back losses seen on the outbreak of the conflict. The US30 is one of the indexes that have pulled together several solid weeks after setting lows in February. Since that low, we have seen just under 9% added back to the index after it hit its 32,215 low back in February.
Oversold or the fact that the conflict may have been overdone in terms of selling or with both countries continuing to meet for talks, could be feeding the fightback. Let’s not sugarcoat it, this is a war, and there have been catastrophic repercussions on the Ukrainian people and the country due to the Russian invasion.
Representatives from both countries are currently meeting in Turkey, and let’s hope they can find some common ground and bring an end to the fighting in Ukraine. Not that that will just fix the carnage that the country has gone through and bring back all the needless casualties seen since the start of the invasion.
The US30’s fortunes might be intertwined with the talk in some aspects as if we see a peace agreement, and it is respected by the Russian government, this may continue to feed hopes of recovery.
We can see the breakout this week that cleared 34,830 resistance. This has continued to confirm the overall V reversal pattern, and we’re looking for the breakout to maintain the idea we are seeing a new leg higher in the current trend. A failure strong as first thought.
If the leg continues, we will be looking at 35,835 to show possible resistance if reached.
Data wise, there are a few things traders will be watching this week. Today we have consumer confidence and Jolts job openings. Thursday, PCE price and index and Friday US employment data, including non-farm employment change.
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