<ul><li>Prior -10.3%</li><li>Market index 186.7 vs 184.5 prior</li><li>Purchase index 159.4 vs 160.2 prior</li><li>Refinance index 326.7 vs 310.9 prior</li><li>30-year mortgage rate 6.42% vs 6.58% prior</li></ul>

This article was written by Justin Low at www.forexlive.com.

<p style=““ class=“text-align-justify“>That is quite a bizarre event, if ever there was one. I’m finding for details and it seems like this is caused by a failure in the FAA’s NOTAM (Notice to Air Missions) system – which alerts pilots and other flight personnel about hazards or any changes to airport facility services and relevant procedures.</p><p style=““ class=“text-align-justify“>Update: It took the FAA long enough to provide an update but it seems like the system is still down as per the tweet below.</p><blockquote class=“twitter-tweet“><p lang=“en“ dir=“ltr“>The FAA is working to restore its Notice to Air Missions System. We are performing final validation checks and reloading the system now. Operations across the National Airspace System are affected. We will provide frequent updates as we make progress.</p>— The FAA ✈️ (@FAANews) <a target=“_blank“ href=“https://twitter.com/FAANews/status/1613135903010033665?ref_src=twsrc%5Etfw“>January 11, 2023</a></blockquote><p>/<a target=“_blank“ href=“https://www.forexlive.com/terms/u/us-dollar/“ target=“_blank“ id=“fddda8f4-d5f8-4ee4-8e34-3760ed062f3c_1″ class=“terms__main-term“>US Dollar</a></p>

This article was written by Justin Low at www.forexlive.com.

<p class=“MsoNormal“>In terms of technical analysis for the Dow Jones, the <a target=“_blank“ href=“https://www.forexlive.com/news/us-december-non-farm-payrolls-223k-vs-200k-expected-20230106/“ target=“_blank“ rel=“follow“>NFP</a> and the <a target=“_blank“ href=“https://www.forexlive.com/news/ism-december-us-services-496-vs-550-expected-20230106/“ target=“_blank“ rel=“follow“>ISM
Services PMI</a> reports on Friday gave the market the ultimate
push to break the resistance zone that was keeping the market in a rangebound price
action since Christmas holidays. </p><p class=“MsoNormal“>Moreover, <a target=“_blank“ href=“https://www.forexlive.com/centralbank/powell-we-need-to-stick-to-our-mandate-20230110/“ rel=“follow“>Fed
Chair Powell</a> on Tuesday didn’t touch on monetary policy or
recent economic data, leaving the market free to move on its own
expectations.</p><p class=“MsoNormal“>The <a target=“_blank“ href=“https://www.forexlive.com/centralbank/jp-morgan-are-forecasting-lower-than-expected-us-cpi-data-on-thursday-stocks-higher-20230111/“ target=“_blank“ rel=“follow“>US
CPI report on Thursday</a> will be an important event for the market. Another
miss should keep the bullish bias intact as the market will expect the Fed
to hike by 25 bps and pause earlier than expected. </p><p class=“MsoNormal“>A beat shouldn’t bode well for the
sentiment and
raise the odds of another 50 bps hike with the market probably falling going
into the February FOMC meeting.</p><p class=“MsoNormal“>DOW JONES (DJIA) Technical Analysis</p><p class=“MsoNormal“>In the daily chart above, we can
see that the price managed to break up and it’s now testing the old <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>resistance</a> turned <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>support</a>. If the market maintains the
bullish bias and the US CPI on Thursday misses expectations, we can expect
another bullish run to the upside targeting the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>resistance</a> zone around the 35000 price
level. </p><p class=“MsoNormal“>In the 1-hour chart above, we can
see more closely how the price broke out of the 2 weeks long range after the
NFP and ISM Services PMI reports. The price then pulled back to test the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“ target=“_blank“ rel=“follow“>resistance</a> now turned <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“ target=“_blank“ rel=“follow“>support</a> and bounced from it as Fed Chair
Powell didn’t offer anything bearish for the market. </p><p class=“MsoNormal“>Zooming in to the 15 minutes
chart, we can see that the recent move to the upside lacks momentum as you
can see from the price <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-divergence-20220429/“ target=“_blank“ rel=“follow“>divergence</a> with the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-relative-strength-index-rsi-20220426/“ target=“_blank“ rel=“follow“>RSI</a>. The price should now pullback
again to the support zone and then two different scenarios may play out: </p><p class=“MsoListParagraphCxSpFirst“>·
The price bounces and starts again its bullish run.
</p><p class=“MsoListParagraphCxSpLast“>·
The price breaks down and starts a fall into the US
CPI report.
</p>

This article was written by ForexLive at www.forexlive.com.

<p class=“MsoNormal“>Following the <a target=“_blank“ href=“https://www.forexlive.com/news/us-december-non-farm-payrolls-223k-vs-200k-expected-20230106/“ target=“_blank“ rel=“follow“>NFP</a> and <a target=“_blank“ href=“https://www.forexlive.com/news/ism-december-us-services-496-vs-550-expected-20230106/“ target=“_blank“ rel=“follow“>ISM
Services PMI</a> data on Friday, in terms of technical analysis, the market continues to
maintain a bullish bias for the Nasdaq Composite. </p><p class=“MsoNormal“>The beat on jobs numbers and miss
on average hourly earnings, gave the market a reason to speculate on a
goldilocks scenario where the labour market remains healthy without wage
inflation. </p><p class=“MsoNormal“>Moreover, the big miss in ISM
Services PMI made the market to expect an earlier pause from the Fed in their tightening
cycle or even earlier cuts. </p><p class=“MsoNormal“>There were some expectations that
<a target=“_blank“ href=“https://www.forexlive.com/centralbank/powell-we-need-to-stick-to-our-mandate-20230110/“ target=“_blank“ rel=“follow“>Fed
Chair Powell</a> could touch on recent economic data or possibly
hint to future monetary policy actions in his speech in Sweden, but he
didn’t offer anything, which kept the market bias intact. </p><p class=“MsoNormal“>The next big event will be the US
CPI on Thursday where another miss may send the market even higher, while a
beat could make it tank.</p><p class=“MsoNormal“>Nasdaq Composite (IXIC) Technical Analysis</p><p class=“MsoNormal“>On the technical side as you can
see in the daily chart above, after the price nearly touched the October low at
10096, it went into a consolidation before breaking up to the upside and now
eyeing the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“ target=“_blank“ rel=“follow“>resistance</a> zone at 10900-11000. That <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>resistance</a> could decide the next movement. </p><p class=“MsoNormal“>A break to the upside should give
buyers control and the next target would be the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“ target=“_blank“ rel=“follow“>resistance</a> at 11500 zone. A failure to
break that, will give sellers control and they will eye again the October low
at 10096 if not even lower.</p><p class=“MsoNormal“>On the 1-hour chart above, we can
see that the price went back to the top of the <a target=“_blank“ href=“https://www.forexlive.com/Education/chart-patterns-guide-20220125/“>falling
wedge pattern</a> as that’s usually the target once the price breaks
out of the wedge. The price failed to sustain the bullish momentum and retraced back to
the near-term <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“ target=“_blank“ rel=“follow“>support</a> (orange line) at 10612 before
continuing its upside move. </p><p class=“MsoNormal“>Drilling down to the 15-minutes
chart above, we can see that the bullish bias remains intact, and the buyers
should now target the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>resistance</a> zone at 10900-11000 as the most
likely scenario. </p><p class=“MsoNormal“>If the price falls and breaks
down the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“ target=“_blank“ rel=“follow“>support</a> at 10612, that would validate the
2nd scenario and give the sellers more control and the next target
should be the support at 10311 price level. </p>

This article was written by ForexLive at www.forexlive.com.

<p style=““ class=“text-align-justify“>“As far as the losses are concerned, no one has especially seen the caps yet“, says Kremlin spokesman, Dmitry Peskov.</p><p style=““ class=“text-align-justify“>There’s still a large debate going on about whether the caps will have any major impact on Russian oil revenues, but so far the country itself is denying any such speculation.</p>

This article was written by Justin Low at www.forexlive.com.