Bullish breakout on SP500
The S&P500 extends its upside move, back towards the key descending trend line.
The trend of the recent CPI release is that market will be risk loving as CPI results is likely to be in line with market expectation and expected to be lower with the FEDs rate hike from last year. However, it is also a trend that Powell will pull down the market during the FOMC. Let us hope that the Powell will not rain on the equities parade during the upcoming FOMC.
As per what we analyzed, price is likely to move towards the 4050 resistance region upon breakout confirmation and we are likely to reach the target level this trading week.
The trend of the recent CPI release is that market will be risk loving as CPI results is likely to be in line with market expectation and expected to be lower with the FEDs rate hike from last year. However, it is also a trend that Powell will pull down the market during the FOMC. Let us hope that the Powell will not rain on the equities parade during the upcoming FOMC.
As per what we analyzed, price is likely to move towards the 4050 resistance region upon breakout confirmation and we are likely to reach the target level this trading week.
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