For the bulls, a break and close above the 13701.50 level may signal a further run. Important resistance levels exist at 13701.50 inside support from the double top neck-line of April 22nd , also at 14059.50 all-time high from April 29th, and finally at 14774.00 which is the Fibonacci 1.618 extension target.
For the bears, a break and close below 13625.00 at the 0.618 Fibonacci retracement level might signal a reversal to bearish trend. Important support at 13625.00, also at 13289.00 inside support from March 16th top, and finally at 12915.oo which is the bottom of the last downward move on May 13th .
• There will be some announcement activity from the US market today with CAD and USD figures announcements and chatter by FOMC officials.. In Canada, Building Permits m/m are due. From the US we have the Investor's Business Daily (IBD), TechnoMetrica Institute of Policy and Politics (TIPP) Economic Optimism, also Wards Total Vehicle Sales, the Beige Book figures and talk by FOMC members Bostic and Evans.
• U.S. stocks were mixed after the close on Tuesday, as gains in the Oil & Gas, Basic Materials and Financials sectors led shares higher while losses in the Healthcare, Utilities and Technology sectors led shares lower.
At the close in NYSE, the Dow Jones Industrial Average rose 0.13%, while the S&P 500 index fell 0.05%, and the NASDAQ Composite index fell 0.09%.
• U.S. labor market signals are conflicting to an "unprecedented" degree, but those suggesting labor market slack should be given more weight than those pointing to tightness, according a paper published Monday by the San Francisco Federal Reserve Bank.
The paper looked at 26 labor market measures that typically move in tandem and found that during the current recovery they are giving wildly divergent signals about the health of the job market.
• OPEC+ left oil consumers in limbo, sticking to its plan of monthly production increases until July but refusing to give any hints about further moves until there’s clear evidence more crude is needed.
• At 12:30 (GMT) CAD Building Permits m/m will be announced. This indicator measures the change in the total value of new building permits issued. It is released monthly, about 35 days after the month ends
• Tentative time - US Investor's Business Daily (IBD), TechnoMetrica Institute of Policy and Politics (TIPP) Economic Optimism is due to be announced. This is a Survey of about 1,200 consumers which asks respondents to rate the relative level of economic conditions including six-month economic outlook, personal financial outlook, and confidence in federal economic policies.
• All Day - US Wards Total Vehicle Sales figures to be publicised. This survey gives out the Annualized number of cars and trucks sold domestically during the previous month.
• At 18:00 (GMT) US Beige Book release is due. This analysis is used by the FOMC to help make their next decision on interest rates. The report is derived from Anecdotal evidence supplied by the 12 Federal Reserve banks regarding local economic conditions in their district.
• At 18:00 (GMT) US FOMC members Raphael Bostic and Charles Evans are due to speak in a panel discussion about racism and the economy at an online event hosted by the Federal Reserve Bank of Minneapolis.
US Indices yesterday:
• Dow Jones +0.13%
• S&P 500 -0.05%
• Nasdaq -0.09%
Sources: Investing.com, forexfactory.com.