SPX500: Price discussion pre-US CPI data
Today's focus: SPX500
Pattern – Continuation
Support – 5211
Resistance – 5267
Hi, traders. Thanks for tuning in for today's update. Today, we are looking at SPX500 on its daily chart.
Today, we wonder if the SPX500 can maintain its current bullish bias and possibly test or break all-time highs. Yesterday, buyers fought back after the PPI data, helped by comments from Fed Chair Powell.
Will we see retail sales and US CPI match or drop below data that is mainly expected to come in lower? Will this back up comments that maintained buyer hopes yesterday?
On the other side of the coin, if data comes in higher, could this set off some sharp selling as buyers may find themselves in a bull trap?
It could be an interesting CPI data today.
Good trading.
Pattern – Continuation
Support – 5211
Resistance – 5267
Hi, traders. Thanks for tuning in for today's update. Today, we are looking at SPX500 on its daily chart.
Today, we wonder if the SPX500 can maintain its current bullish bias and possibly test or break all-time highs. Yesterday, buyers fought back after the PPI data, helped by comments from Fed Chair Powell.
Will we see retail sales and US CPI match or drop below data that is mainly expected to come in lower? Will this back up comments that maintained buyer hopes yesterday?
On the other side of the coin, if data comes in higher, could this set off some sharp selling as buyers may find themselves in a bull trap?
It could be an interesting CPI data today.
Good trading.
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