S&P 500 Reaches Record High Ahead of CPI Release
report is set for release today at 15:30 GMT+3. Ahead of the figures, traders remain optimistic: the S&P 500 index (US SPX 500 mini on FXOpen) reached a new all-time high yesterday, surpassing 6,560 points.
The bullish sentiment is supported by:
→ Expectations of a September interest rate cut, anticipated to provide a boost to the U.S. economy and corporate profits.
→ A strong rally in Oracle (ORCL) shares, following the announcement of four multibillion-dollar contracts with three clients.
Technical Analysis of the S&P 500
On the 4-hour chart, the S&P 500 continues to move within an ascending channel (shown in blue).
From a bearish standpoint:
→ The price is near the channel’s upper boundary, which has served as resistance for several weeks.
→ The RSI indicator is approaching overbought levels, potentially deterring new purchaviewrs.
→ Yesterday’s candlestick featured a long upper shadow (marked with an arrow), signaling rising tradeing pressure.
From a bullish standpoint:
→ The 6,520 level, once resistance, has now turned into support.
→ In September, the index has followed a steep upward path (highlighted by orange lines), with the lower boundary providing signs of support.
Considering these factors, the market appears to be in a short-term balance as investors await the CPI release — arguably the key economic event of the week.
Favorable inflation data could embolden bulls to push the S&P 500 above the upper boundary of the channel, potentially lifting the index to a new all-time high. Traders should be prepared for spikes in volatility.
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