Image Source: Pexels
 

US equity indexes gained with the E-mini S&P 500 to 0.3%, Nasdaq rose by about 0.5% and the Dow Jones is up by about 0.2% in the European trading session due to the FOMC minutes which showed officials pointing to a potentially slower pace of interest rate hikes.

• Policymakers are still concerned about the economy’s health which hinted at a higher terminal rate.
• Economic data such as business activity and manufacturing contracts hinted at a slowdown of hikes and increased odds for a 50 bps hike.
• The US stock market will be closed Thursday for the Thanksgiving holiday.

The daily interval rose for the third consecutive in a row, targeting the swing highs for more inventory which may be able to drive the market to even higher prices, depending on the auction and absorption operations. 

The volatility index is little changed for the session which hints at a rotational behavior as the market rose above the day’s swing highs, depending on the mentioned absorption behavior the market may be able to operate to higher prices. 

3 Months Ago

(Click on image to enlarge)

Possible absorption above the highs might lead the market back into the prior distribution. Mean of it could be supportive. Inventory above highs may drive the price higher by slight bullish calculations for this particular session.

The VWAP perspective on the daily interval trades above the Quarter’s developing value and may target the Year’s VWAP above the prior week’s swing highs.

(Click on image to enlarge)

More By This Author:

Gold Mixed By Hawkish Comments Fore More Rate Hikes
US Equites On The Rise As Investors Digging Earnings And Hawkish Comments
Copper Prices Pressured By Investors' Concern About Demand