For the bulls, important resistance met at 1855 level where as mentioned above there is strong resistance. Other important resistance at 1875.50 and 1959.70 levels formed from previously recorded tops.
For the bears, important support levels found at the 1800 psychological level which was previously a strong resistance. Important support also at 1756 inside support level and also at 1676 level, which is formed by the double bottom of March.
• There will be a number of announcements today in the US market but none with a high degree of significance, still during turbulent times any announcement might cause market movement. The news announcements include event participations of FOMC members as well as Housing market indications in Canada and the US.
• According to a Friday UoM result, U.S. consumer sentiment unexpectedly dropped in early May as inflation worries deteriorated confidence in what had been a rapidly brightening economic outlook. The University of Michigan's Consumer Sentiment Index fell 5.5 points to a reading of 82.8, pulling back from the highest level in roughly a year in April.
• Gold was up on Monday morning in Asia, climbing to a three-month high as inventors digested disappointing economic data from China and the U.S. Gold futures were up 0.75% to $1,851.95, hitting their highest level since Feb. 10 in early Asian trade.
• Oil was up on Monday morning in Asia as investors are optimistic about the recovery of fuel demand in key markets, despite concerns over the COVID-19 resurgence in parts of Asia. Brent oil futures rose 0.51% to $69.06. WTI futures jumped 0.52% to $65.70.
• At 12:15 (GMT) CAD Housing starts outcome is expected to be announced. This report indicates the annualized number of new residential buildings that began construction during the previous month.
• At 12:30 (GMT) the US Empire State Manufacturing Index report is due. This is a level of a diffusion index based on about 200 manufacturers in New York state which asks respondents to rate the relative level of general business conditions.
• At 14:00 (GMT) National Association of Home Builders (NAHB) Housing Market Index will be announced. This is a survey of about 900 home builders which asks respondents to rate the relative level of current and future single-family home sales.
• At 14:05 (GMT) US FOMC Member Richard Clarida is due to deliver opening remarks at an online conference hosted by the Federal Reserve Bank of Atlanta.
At 14:15 (GMT) US FOMC Member Raphael Bostic is Due to participate in a panel discussion at an online conference hosted by the Federal Reserve Bank of Atlanta.
US Indices yesterday:
• Dow Jones +1.06%
• S&P 500 +1.49%
• Nasdaq +2.32%
Sources: Investing.com, forexfactory.com, Reuters.