For the bulls, Important resistance exists at still stand at 14064 all-time high, and also at the 161.8% Fibonacci extension level target at 14.774.
For the bears, important support levels exist at 13625.00 on the 61.8% Fibonacci retracement level which coincides with the 50 Day Moving Average, also at 13489.50 where the 50% Fibonacci retracement level lies, and finally at 12915.00 low of the last downward move that bottomed on May 13th.
• It’s a busier day ahead on the economic calendar. May inflation and weekly jobless claims figures will be in focus. Today we also have ahead of us the release of US Consumer Price Index figures, Natural Gas Storage figures and the Fed Budget Balance.
• Wall Street ended a see-saw session lower on Wednesday as market participants awaited inflation data for clues as to when the U.S. Federal Reserve might tighten its dovish monetary policy.
All three major U.S. stock indexes reversed earlier gains, but remained range-bound in the absence of any clear market catalysts.
• The Mortgage Bankers Association (MBA) said on Wednesday its seasonally adjusted market index fell 3.1% in the week ending June 4 from a week earlier. This reflected a 5.1% decline in applications for refinancing and was 27% lower than the same week one year ago.
• The purchase index increased 0.3% from a week earlier. The week's data included an adjustment for the Memorial Day holiday.
• The Bank of Canada on Wednesday left its key interest rate unchanged at 0.25%, as expected, and said it would maintain its current policy of quantitative easing.
The central bank reiterated its guidance that rates would remain unchanged until at least the second half of 2022. It made the comments in a regular rate decision statement.
• U.S. oil stockpiles declined more than expected in the latest week, the Energy Information Administration said on Wednesday.
Crude oil inventories fell 5.241 million barrels last week, compared with analysts' expectations for a draw of 2.036 million barrels.
• At 12:30 (GMT) US Consumer Price Index (CPI) is due. Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate.
• At 12:30 (GMT) US Core Consumer Price Index (CPI) is also due. This measures the change in the price of goods and services purchased by consumers, excluding food and energy.
• At 12:30 (GMT) US Unemployment Claims numbers expected. This report indicates the number of individuals who filed for unemployment insurance for the first time during the past week.
• At 14:30 (GMT) US Natural Gas Storage Inventories are due. This indicator shows the Change in the number of cubic feet of natural gas held in underground storage during the past week.
US Indices yesterday:
• Dow Jones -0.44%
• S&P 500 -0.18%
• Nasdaq -0.09%
Sources: Investing.com, forexfactory.com