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The E-mini S&P 500 rose by about 0.8% in the European trading session with mixed to bullish signs of supportive core buyers around the lower balance extreme on the daily interval.

Data of Americans filing new claims for unemployment benefits rose by 9K which boosted the market higher as a potential factor to ease interest rate hikes due to recession fears while the data itself should be bearish.

The reopening of the Chinese economy might have its bullish effect by boosting global growth to higher demand while investors remain cautious due to the fear of renewed coronavirus outbreaks.

The daily interval trades in a balanced price range for several days with supportive core buyers around the Quarter’s developing VWAP and lower extreme of the Year’s value area which may lead core buyers into the market. The current monetary policy stance with the interest rate hikes still is a pressure factor while the weakening economic data might lead Fed to ease sooner which is boosting markets.

2 Months Ago

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The hourly interval found buying with a possible short covering which boosted the market higher towards the prior VWAP close level which might serve as a level of resistance while long positions might target the upper balance extreme from the daily interval. The market in the short-term perspective has its bullish bias and upside slope to drive the auction higher, presumably.

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