Tech got absolutely hammered last week, with NAS100 shedding nearly 5% in a sharp risk-off move that caught a lot of traders on the wrong side. This week, I'm watching whether US indices can find support here or if we're in for a deeper correction — the next 48 hours will be critical.
US indices closed May on a strong note with the Nasdaq leading the charge at +2.89% for the week, whilst the FTSE lagged behind in negative territory. This week brings ISM Manufacturing data and a test of whether the bulls can push US30 through 51,100 or if we're setting up for a pullback from these elevated levels.
Oil's collapse dominated last week as Iran peace talks sent crude tumbling over 10%, lifting risk appetite and pushing US indices to fresh highs. This week, I'm watching whether equities can hold these gains or if profit-taking kicks in ahead of the summer months.
Last week's risk-off tone carried into the close, with US indices pulling back from recent highs and the dollar flexing its muscles across the board. This week, I'm watching whether US30 can hold structural support around 49,300 or if we're due for a deeper retracement as geopolitical noise and inflation concerns keep traders defensive.
US tech staged an impressive comeback last week with NAS100 surging over 5%, while energy markets exploded higher on escalating Middle East tensions. This week, I'm watching whether the Dow can reclaim 50,000 and if crude's rally has legs — or if we're due for a sharp reversal.