The US Stock Indices are at a resistance area on the daily chart and some on a weekly as shown in this video. These resistance areas are typically strong and may prevent price from moving upwards. The CPI numbers and Unemployment Claims will be released today at 8:30 am and the Bank of England will release its BOE Inflation Report, MPC Official Bank Rate Votes, Monetary Policy Summary and Official Bank Rate this morning at 7am, as well.
US Stock Indices at Resistance on Daily
I have been watching the e-mini Russell 2000 all week as it was fast approaching the daily resistance area, which coincides with the weekly ATR. Today price has arrived at this area and it will be critical to see if price can break through this area. If price cannot break through the area, then the market may go back down. I would anticipate a reversal bar to form indicating that the market goes down (especially with the Stochastic above the 80 area).
In this video, I also review the other US Stock Indices and what we can expect from them, as well.