Surprising Talk From Bullard Gives DJ30 Bears To Take The Upper Hand
U.S. CPI Beats Expectations Again, DJ30 Tumbles Once More
Investors are recommended to consider marginal Short at near 34800, Target 34250, Stop-Loss by 35000.
U.S. CPI(Jan)(YoY) rose to 7.5%, exceeding the expected 7.3%, made the largest increase since 1982, and led all three major US Indices to tumble again. In addition, the University of Michigan’s Consumer Confidence Index fell from 67.2(Jan) to 61.7(Feb), droping to the new 10-year low. Consumers generally expected inflation to be 5% in the next year, higher than the 4.9% that forecast by last month. Investors should pay attention to Bullard’s interview with CNBC at 21:30 in the evening. If none of the unexpected occurred, DJ30 would still take the certain bearish path as the forecast before.
In the Daily range, the market price is located under the Bollinger Lower Band with clear indication of short-term Bear outlook. MACD’s longing momentum nudges down, accompanied with Both K & D on KD to decline, which favors the Bearish layout to extend.
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