S&P INTRADAY reaction to US Inflation figuresUS equity indices reacted positively to the latest US inflation figures released earlier today, as the data pointed to a moderation in price pressures.
The Consumer Price Index (CPI) decreased to 2.8% year-over-year in February, down from 3.0% in January. This reading not only marked a decline but also came in below market expectations of 2.9%, signaling that inflationary pressures may be easing. On a monthly basis, the CPI increased by 0.2%, following a 0.5% rise recorded in January.
Similarly, the core CPI, which excludes volatile food and energy prices, rose by 3.1% year-over-year in February, down from 3.3% in the previous month. This print also fell short of analysts' forecasts of 3.2%, further supporting the view of moderating inflation. On a month-to-month basis, the core CPI edged up by 0.2%.
Key Support and Resistance Levels
Resistance Level 1: 5713
Resistance Level 2: 5770
Resistance Level 3: 5807
Support Level 1: 5523
Support Level 2: 5480
Support Level 3: 5300
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