• There
  had been further progress on all three elements, which warranted increased
  confidence that inflation was on track to reach the ECB’s target
• More
  data and evidence were needed for the Governing Council to be sufficiently
  confident of this
• Inflation
  was expected to continue its downward trend in the coming months
• A
  bumpy profile and a trough were expected after the summer
• There
  were signs that wage growth was starting to moderate
• Members
  expressed increased confidence that inflation was on track to decline
  sustainably to the 2% inflation target in a timely manner
• Important not to be complacent, as the
  disinflationary process remained fragile
• The
  case for considering rate cuts was strengthening

This article was written by Arno V Venter at www.forexlive.com.

US challenger layoffs 90.3 vs 84.6 prior

This article was written by Arno V Venter at www.forexlive.com.

📉 AMD’s stock technical analysis: Is a 34% correction looming? 📉

• Stay Ahead of the Curve: For the savvy traders and investors looking to keep a pulse on Advanced Micro Devices (AMD), catch the most important news summaries each trading day. Stay informed on key valuation metrics, recent insider trading, and updated analyst recommendations for AMD stock at ForexLive.com

🔍 Analyzing the AMD long term… For the last 24 years:

• AMD’s stock has shown a failed breakout above the critical red resistance line, indicating potential bearish momentum ahead.
• Historical performance over the last 24 years suggests AMD’s shares might be on a path to correct towards the $125 mark.

📊 Technical indicators:

• The Volume Profile Visible Range (VPVR) indicates a significant trading activity around the $125 level, dubbed the ‚value area high‘ starting from 2020.

🔻 What does this mean?:

• A potential correction of about 34% from the current price could be in play if AMD’s stock continues to respect the long-term resistance trend.

🤔 For AMD stock investors and traders:

• It’s crucial to monitor AMD’s stock closely, especially for those holding long positions or considering entry points.
• Embrace a strategy that includes hedging or setting up stop-loss levels to mitigate potential losses during such corrections.

💡 Key takeaways for this long term AMD analysis:

• AMD has experienced a failed breakout, raising caution among investors.
• The correction target sits around $125, which is reinforced by the volume profile data.

🔗 Stay updated every trading day of AMD stock

• While the chart presents a cautious narrative, it’s important to consider other fundamental factors and market conditions that may influence AMD’s stock performance.
• Keeping abreast of AMD stock daily news, analyst opinions, and insider transactions at ForexLive.com is key to staying ahead in the trading game. Trade AMD at your own risk only.

This article was written by Itai Levitan at www.forexlive.com.

Below is a quick rundown of what markets are expecting from tomorrow’s US jobs report:

• Headline NFP: 200k (prior 275k)
• Unemployment Rate: 3.9% (prior 3.9%)
• Average earnings MM: 0.3% (prior 0.1%)
• Average earnings YY: 4.1% (prior 4.3%)

It’s important to note that the employment data released throughout the week has been mostly better than expected or better than priors:

• ISM manufacturing employment index: 47.4 (prior 45.9)
• ISM services employment index: 48.5 (prior 48.0)
• ADP national employment: 184k vs 148k expected

That means that the whisper number for NFP tomorrow might be slightly higher than the 200k consensus estimate.

This article was written by Arno V Venter at www.forexlive.com.

Yesterday,
the Nasdaq Composite finished the day positive as a big drop in the price index
in the ISM Services PMI turned the sentiment around and quelled some
inflation fears. In fact, the market stayed under pressure since the hot ISM Manufacturing PMI on Monday as the increase in the price index
renewed fears of a reacceleration in inflation. For now, the market might take
a sigh of relief, but all eyes then will turn on the US CPI report next
Wednesday.

Nasdaq Composite Technical
Analysis – Daily Timeframe

On the daily chart, we can see that the Nasdaq
Composite has
been diverging with
the MACD for a
long time. This is generally a sign of weakening momentum often followed by
pullbacks or reversals. The price recently broke out of the rising wedge and
bounced on the key 16206 level where we had also the red 21 moving average for confluence. This
is a critical support zone as a continuation to the downside should trigger a
major correction with the 14500 level as the ultimate target.

Nasdaq Composite Technical
Analysis – 4 hour Timeframe

On the 4 hour chart, we can see that the
price bounced on the 16206 level where we had also the 61.8% Fibonacci
retracement level for confluence. The buyers stepped
in with a defined risk below the Fibonacci level to position for a rally into a
new all-time high, but they will need the price to rise back above the trendline to
increase the momentum. The sellers, on the other hand, will want to see the
price reversing and breaking below the Fibonacci level to pile in more
aggressively into new lows.

Nasdaq Composite Technical
Analysis – 1 hour Timeframe

On the 1 hour chart, we can see more
closely the recent price action with the strong bounce yesterday following the
ISM Services PMI release. We can see that we have a counter-trendline that
acted as resistance lately. If the price were to break above this
counter-trendline, we can expect the buyers to increase the bullish bets into a
new all-time high. The sellers, on the other hand, will likely lean on the
counter-trendline to position for a break below the Fibonacci level with a
better risk to reward setup.

Upcoming
Events

Today we will see the latest US Jobless Claims
figures, while tomorrow we conclude the week with the US NFP report.

This article was written by FL Contributors at www.forexlive.com.