Markets Update for 6 March Week

What’s our trade plan for the week?

1. We have a break above the short-term resistance BLUE line.

2. There are a few scenarios that can play out. A lot of the development is highly dependent on economic data and speech. As you can see, when Bostic spoke about slow rate hikes as his preference, markets suddenly re-adjust and started to bull.

Some Technical Levels

1. However, it is useful to still see some possible key levels.

A. As seen in label A, markets can reverse down and possibly play along the blue line which can be the support level as indices trend downwards.

B. In label B, we see a more trending market between 401-404 and ranging again.

C. In label C, we see the continued rising trend, as it consolidates above 404+, the short-term resistance and that level subsequently become resistance-turned support and swing into an uptrend.

Important Economic Data

• Monday: There is Factory order data.

• Tuesday: Fed Powell testifies. This is likely to be a market mover.

• Wednesday: ADP Non-Farm Payroll, Fed Powell testifies for 2^nd day, JOLTS Job Opening.

• Thursday: Initial Jobless Claims, Fed Vice Chairman For Supervision, Barr speaking.

• Friday: Labor metrics such as hourly earnings, Nonfarm Payroll and Unemployment Rate.

Have a great evening and we shall see you next week!