The US Tech 100 index, which is heavily influenced by major companies like Microsoft, Apple, NVIDIA, and Amazon, recently experienced a rally, pushing the index to reach a level of 14,515. As we approach the release of the US ADP Nonfarm Employment Change in May 2023 and Initial US Jobless Claims, the index is currently consolidating within the supply zone ranging from 14,255 to 14,278. Traders are eagerly anticipating the results of these reports before making their next moves in the market.
There are two possible scenarios that could unfold following the release of these reports:
- Favourable Report: If the reports indicate positive news regarding employment and jobless claims, it could trigger a breakout in the supply zone at 14,255 and 14,278, potentially pushing the index towards the levels of 14,342 and 14,366.
- Unfavourable Report: Conversely, if the reports reveal negative data, showing a decline in employment or an increase in jobless claims, it could lead to a drop in the demand zone around 14,192 and 14,168.
As we approach this crucial period, I would like to extend my best wishes to fellow traders for a successful trading session. If you have any specific trading products you’d like me to analyze, please feel free to request them
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US tech 100 1 06 2023 , 9 59 47 PM[/caption]
, and I’ll be glad to assist you. If you find my analysis helpful, I kindly ask for your support by liking it. I also welcome your comments and would be happy to engage in discussions about trading.
