TECHNICAL VIEW ON INDICES 04 AUGUST 2022 THURSDAY
US30 is trading in a narrow range of 32750-32850. Key support zone for today lies around 32650 while on the upper side, key resistance zone is around 32950-33000 above which it can give fresh breakout. In yesterday’s session, Recession fears maintain the US Treasury yield curve inverted, and the difference between the 2-year note and the 10-year note yields has widened to 36 bps. Nevertheless, Wall Street managed to post solid gains, helped by another batch of solid earnings reports. Ahead in today’s session, investors are looking toward weekly jobless claims data as well as fresh earnings results from Eli Lilly and Company (NYSE:LLY), Kellogg Company (NYSE:K), Alibaba Group Holdings Ltd (NYSE:BABA), and ConocoPhillips (NYSE:COP). Key events to look for today are Bank of England Monetary policy report, U.S. FOMC Member Mester Speaks and Reserve Bank of Australia Monetary Policy Statement.