Flat Opening in VİOP: BIST 30 Contracts and Global Market Risks

The August futures contract based on the BIST 30 index on Borsa Istanbul Derivatives Market (VİOP) started the day nearly unchanged at 16,069.00 points, signaling indecision among investors. While the contract, which closed the previous session with a 1.14% decline at 16,067.00 points, climbed to 16,106.00 during the evening session with reactionary buying, it surrendered most of these gains at the opening, maintaining a calm course.

Global Tech Selloffs and Macro Data Calendar

Despite the trend of de-escalation in geopolitical tensions in global markets, sharp declines in stocks of chip-producing companies, the vanguards of technology giants, are dampening risk appetite. With a quiet domestic data calendar today, the focus has shifted entirely to macroeconomic data coming from the US.

■US wholesale trade stocks and house price index will be closely monitored.

■The Richmond Fed manufacturing index and New York Fed consumer confidence index will determine the dollar index and global risk premiums.

■Investors are analyzing whether these data will provide clues regarding the Fed's future policies.

Critical Technical Levels in Futures

While a distinct directional search continues in the index contract from a technical perspective, critical pivot points determined by analysts come to the fore. Market participants will measure the price's reaction to these bands in case of increased volatility.

■Resistance Points: 16,200 and 16,300 points.

■Support Points: 15,900 and 15,800 points.

Our algorithmic models indicate that pricing is currently consolidating around the Base Line of the Ichimoku cloud. Breaking the 16,200 level will be a critical test for surpassing the Fibonacci 0.236 correction to regain an upward momentum in the trend. Conversely, a pullback to the 15,900 support could trigger algorithmic buy orders.