S&P 500 Hit Record Highs for Third Consecutive Day!!!
S&P 500 Index Technical Analysis
The S&P 500 (
SPX500USD ) has continued its bullish trend as anticipated, successfully reaching the projected targets.
With the Consumer Price Index (CPI) result being released at 3.3% as we expected, the index tested its final resistance level of 5450.
The S&P 500 (
SPX500USD ) has continued its bullish trend as anticipated, successfully reaching the projected targets.With the Consumer Price Index (CPI) result being released at 3.3% as we expected, the index tested its final resistance level of 5450.
- Intraday Analysis:
Today, the price may stabilize within the bearish zone, attempting to break through the pivot line at 5423. - Bullish Scenario:
The price is likely to consolidate between 5423 and 5450. A breakout above 5450 would activate the next bullish trend, targeting 5484. - Bearish Scenario:
Should the price close a 4-hour or 1-hour candle below 5423, it is expected to decline towards 5384 and potentially 5372, thereby reaching the demand zone. - Key Levels:- Pivot Line: 5423
- Resistance Levels: 5450, 5484, 5520
- Support Levels: 5383, 5347, 5320 - Today's Expected Trading Range:
The anticipated movement range for today is between the resistance at 5450 and the support at 5372.
In summary, maintaining a position above 5450 supports a bullish outlook, aiming for higher resistance levels. Conversely, trading below 5423 indicates a bearish trend, with potential support targets at 5372.
Previous idea:S&P 500 and Nasdaq Hit Record Highs for Third Consecutive Day Amid Fed's Interest Rate Forecast
The S&P 500 and Nasdaq closed at record highs for the third consecutive day on Wednesday, driven by unexpectedly mild inflation data. However, these indexes retreated from their intraday peaks following the Federal Reserve's announcement that it projects only one interest rate cut this year.
In a significant shift from its March projections, which included three quarter-percentage-point reductions, the Fed concluded its June 11-12 meeting by stating it would leave its policy rate unchanged, as anticipated by the market.
The stock market experienced volatility after the news and the subsequent press conference with Fed Chair Jerome Powell. While the S&P 500 and Nasdaq pared their gains, the Dow Jones Industrial Average finished the day nearly flat.
Stocks opened higher after the Labor Department reported that the U.S. Consumer Price Index (CPI) was unexpectedly unchanged in May, due to a decline in gasoline prices. This softer inflation data initially fueled market optimism.
"The CPI number was certainly cooler than estimates and drove optimism to start the day, but that was only half of today's menu," noted Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.
The mixed signals from the inflation data and the Fed's cautious stance on interest rate cuts created a complex trading environment, leaving investors to navigate between optimism and uncertainty.
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