Russell 2000 Technical Analysis – The market has become sensitive to soft data ...Middle East

Fundamental OverviewLast Friday, the Russell 2000 sold off following the weaker than expected NFP report even though the details were better than the prior month. The technical break below the key support around the 2120 level eventually increased the bearish momentum. The market has become very sensitive to soft growth and labour market data. There’s also a good argument that the market wants the Fed to deliver bigger cuts to avoid that the soft landing turns into a hard landing. The chances for a 50 bps cut increased yesterday following the drop in Treasury yields after a weaker US NFIB Small Business Optimism Index and BoC's Macklem comments on bigger cuts with people wondering whether th

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