The debt ceiling drama continued previous week. Top congressional Republican Kevin McCarthy have reached a tentative deal to raise the federal government's $31.4 trillion debt ceiling.
The global equity funds faced $4.14 billion worth of net selling, the sixth weekly outflow in a row, as the US money market funds received $39.89 billion worth of inflows.
Week ahead
Asian markets will start with negative news of drop in China Industrial Profits by 20.6% in Jan-April.
A heavy data week will welcome the investors with US labor report, JOLTS job openings, ISM Manufacturing PMI, and CB consumer confidence. Additionally, inflation rates are anticipated for the Euro Area. Q2 GDP growth rates will be released for India and few other nations. Finally, the auto numbers will be announced for India.
Technically
18620 to act as critical resistance zone which is also a neckline resistance on weekly charts for completion of cup & holder formation
Meanwhile, 18400 to act a crucial support zone where about 9.8Mn Put writers added.
Other indicators
RSI- 71.1 Bullish
MACD 57.7 Bullish
ATR 41 suggest drop in volatility
The global equity funds faced $4.14 billion worth of net selling, the sixth weekly outflow in a row, as the US money market funds received $39.89 billion worth of inflows.
Week ahead
Asian markets will start with negative news of drop in China Industrial Profits by 20.6% in Jan-April.
A heavy data week will welcome the investors with US labor report, JOLTS job openings, ISM Manufacturing PMI, and CB consumer confidence. Additionally, inflation rates are anticipated for the Euro Area. Q2 GDP growth rates will be released for India and few other nations. Finally, the auto numbers will be announced for India.
Technically
18620 to act as critical resistance zone which is also a neckline resistance on weekly charts for completion of cup & holder formation
Meanwhile, 18400 to act a crucial support zone where about 9.8Mn Put writers added.
Other indicators
RSI- 71.1 Bullish
MACD 57.7 Bullish
ATR 41 suggest drop in volatility