Index futures on VIOP start the day with gains (April 3, 2024)

The April-dated index contract traded at 10,009.50 in the opening session, 0.1 percent above the previous normal session close.

Yesterday, the index contract followed a bearish trend, completing the normal session at 10,001.50 points, 1.8 percent below its previous close. The index contract continued its downward trend in the evening session, falling to 9,979.25 points.

Analysts stated that global equity markets are following a negative trend due to growing concerns that the US Federal Reserve (Fed) may start cutting policy rates later than expected, adding that Fed Chair Jerome Powell's forward guidance and a busy data agenda abroad, along with inflation data domestically, are at the center of investors' focus today.

Analysts, who also stated that inflation in the Eurozone, as well as ADP private sector employment and services sector Purchasing Managers' Index (PMI) data in the US will be monitored today, noted that from a technical perspective, 9,900 and 9,800 points are support levels for the index contract, while 10,100 and 10,200 levels are resistance.

News Source: 12punto