By ForexTime
November’s inflation report painted a mixed picture with annual consumer prices slipping to 3.1%, down from 3.2% in October. The annual core figure, which strips out volatile energy and food prices rose by 4% in line with the prior month. However, the monthly core figure rose 0.3%, slightly faster than 0.2% in the previous month.
While traders are still pricing in a 25-basis point cut by May 2024, this could be influenced by the Fed decision later today.
As highlighted in our week ahead report, the central bank is widely expected to leave rates unchanged, so focus will be on the updated economic projections, “dot plot” and Powell’s press conference.
Whatever the outcome of the Fed meeting, it could rock the NQ100_m which is filled with tech stocks that remain sensitive to interest rates.
The NQ100_m is respecting a bullish channel on the weekly charts with the next key level at the all-time high of 16770.6 created back in November 2021.
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It is a similar story on the daily charts with bulls clearly in a position of power. There have been consistently higher highs and higher lows while prices are trading well above the 50, 100, and 200-day SMA. However, the Relative Strength Index (RSI) is trading above 70, signalling that prices are heavily overbought, suggesting a potential throwback down the road.
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