By ForexTime
The cooler-than-expected US CPI data on Tuesday boosted bets over the Fed done with raising rates. Yesterday’s soft PPI and retail sales report reinforced these expectations with traders currently pricing in a 25 basis-point rate cut by June 2024.
Taking a look at the technical picture, the SPX500_m could be in the process of another breakout or technical throwback. Prices have created a minor range on the H4 charts with the big resistance at 4525 and minor support at 4490.
Looking at the daily timeframe, bulls have been on a roll over the past few days with the SPX500_m rallying over 7% since the start of November. However, bulls are currently eyeing a significant resistance level at 4525.
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Note: the last time prices secured a daily close above this point was at the start of August 2023.
There is a similar theme on the weekly charts with the powerful rebound at the start of November providing a foundation for bulls to test new highs. Beyond 4525, the next resistance can be found at 4600 – near the 2023 high.
Zooming out to the monthly, bulls seem to be regaining momentum with a solid monthly close back above 4600 opening the doors to the all-time high created at the start of 2022.
Placing our focus back on the daily timeframe, it’s all about the 4525 level.
Prices are trading well above the 50, 100, and 200-day SMA however the Relative Strength Index (RSI) signals that prices are overbought.
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