S&P 500: Inflation Concerns Weigh on Market Ahead of CPI Release
S&P 500
Technical Analysis
The price dropped from its ATH and is continuing toward 5928 and 5891. This decline is driven by the upcoming CPI report, with the previous result at 2.4% and expectations at 2.6%. Given recent reports on job data and retail sales, there's a likelihood that CPI will exceed 2.6%, indicating higher inflation, which would negatively impact the indices market.
Alternatively, a 4H candle close above 5990 could signal a bullish movement toward 6027.
Key Levels:
Pivot Point: 5989
Resistance Levels: 6027, 6045, 6068
Support Levels: 5949, 5928, 5891
Trend Outlook:
- Bearish Trend while below 5989
- Bullish trend above 6027
Technical Analysis
The price dropped from its ATH and is continuing toward 5928 and 5891. This decline is driven by the upcoming CPI report, with the previous result at 2.4% and expectations at 2.6%. Given recent reports on job data and retail sales, there's a likelihood that CPI will exceed 2.6%, indicating higher inflation, which would negatively impact the indices market.
Alternatively, a 4H candle close above 5990 could signal a bullish movement toward 6027.
Key Levels:
Pivot Point: 5989
Resistance Levels: 6027, 6045, 6068
Support Levels: 5949, 5928, 5891
Trend Outlook:
- Bearish Trend while below 5989
- Bullish trend above 6027
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