S&P 500 Forecast
Updated
S&P 500 moved towards the 3980 level as traders prepared for tomorrow’s CPI data meanwhile, the tech heavy NASDAQ Composite was up by 0.4%.
Today’s rebound is led by energy stocks. WTI oil managed to get above the $73 level as traders focused on the Keystone pipeline outage.
From a big picture point of view, S&P 500 continues to consolidate in the range between the support at 3915 and the resistance at 3975. RSI is in the moderate territory, so there is plenty of room to gain additional momentum after the CPI data and the Fed decision. If the CPI report shows that inflation is slowing down, the current consolidation will serve as a good base for an upside move. However, it should be noted that traders may remain somewhat cautious ahead of the Fed decision.A move below the 50 EMA, which is located near the 3915 level, may be interpreted as a sign of an upcoming sell-off. S&P 500 received strong support near this level, so traders may rush out of their long positions if this support level is broken
we still in down trend and we should break the yellow line and back 4100 level
The Fed is still playing catch up to tame rising prices after its protracted gross mischaracterisation last year of inflation as ‘transitory’ and its initially timid steps to withdraw monetary stimulus,
The world’s most powerful central bank is now confronted with two unpleasant choices next year, crush growth and jobs to get to its 2% target or publicly validate a higher inflation target and risk a new round of destabilized inflationary expectations. I think Rather than fall to 2-3% by the end of next year, U.S. core PCE inflation will probably prove rather sticky at around 4% or above.
Today’s rebound is led by energy stocks. WTI oil managed to get above the $73 level as traders focused on the Keystone pipeline outage.
From a big picture point of view, S&P 500 continues to consolidate in the range between the support at 3915 and the resistance at 3975. RSI is in the moderate territory, so there is plenty of room to gain additional momentum after the CPI data and the Fed decision. If the CPI report shows that inflation is slowing down, the current consolidation will serve as a good base for an upside move. However, it should be noted that traders may remain somewhat cautious ahead of the Fed decision.A move below the 50 EMA, which is located near the 3915 level, may be interpreted as a sign of an upcoming sell-off. S&P 500 received strong support near this level, so traders may rush out of their long positions if this support level is broken
we still in down trend and we should break the yellow line and back 4100 level
The Fed is still playing catch up to tame rising prices after its protracted gross mischaracterisation last year of inflation as ‘transitory’ and its initially timid steps to withdraw monetary stimulus,
The world’s most powerful central bank is now confronted with two unpleasant choices next year, crush growth and jobs to get to its 2% target or publicly validate a higher inflation target and risk a new round of destabilized inflationary expectations. I think Rather than fall to 2-3% by the end of next year, U.S. core PCE inflation will probably prove rather sticky at around 4% or above.
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3700 is coming
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Be ready for 2023Note
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we can back under 4100
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The United States announced that the unemployment rate in August was 3.8%, a record high since February last year, expected to be 3.50%, and the previous value was 3.50%. Non Farm Payrolls is 187K, the previous is 157K.
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