U.S. Futures Rise on Strong Tech Earnings; Key Technical Levels
U.S. stock index futures rose on Wednesday, as Alphabet's strong quarterly results buoyed sentiment around technology megacaps, while investors also awaited crucial data to gauge the strength of the economy and the labor market.
Technical Outlook:
The price is expected to consolidate between 20,550 and 20,700 until a breakout occurs.
Bullish Scenario: A 1-hour or 4-hour candle close above the ATH at 20,790 would signal potential for further upside, with the price likely to reach 20,950.
Bearish Scenario: A 4-hour candle close below 20,550 would suggest downside pressure, targeting 20,420 initially. A break below 20,330 would further confirm the bearish trend, with potential declines towards 20,240 and 20,130.
Key Levels:
Pivot Point: 20770
Resistance Levels: 20790, 20950
Support Levels: 20550, 20420, 20240
Trend:
- Bullish above 20790
- Bearish below 20550
Technical Outlook:
The price is expected to consolidate between 20,550 and 20,700 until a breakout occurs.
Bullish Scenario: A 1-hour or 4-hour candle close above the ATH at 20,790 would signal potential for further upside, with the price likely to reach 20,950.
Bearish Scenario: A 4-hour candle close below 20,550 would suggest downside pressure, targeting 20,420 initially. A break below 20,330 would further confirm the bearish trend, with potential declines towards 20,240 and 20,130.
Key Levels:
Pivot Point: 20770
Resistance Levels: 20790, 20950
Support Levels: 20550, 20420, 20240
Trend:
- Bullish above 20790
- Bearish below 20550
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