The markets rallied ahead of the CPI expectations. Now all technicals are out of the window because the price is driven by emotions and the news from the FED and economic data. That can change everything. If however, the report comes better than expected, or even as expected, we may see a rally all the way up to $4,200 or even $4,300. If the report will be bad, a slump to $4,000 or even below is possible.
The deteriorating trend was somewhat repaired today. We are still in a sideways channel and need to wait for the market to tell us what direction it wants to go. The Ichimoku chart below also improved.
Trend forecasting suggests that we would see a rally, but as I said above, tomorrow’s market will be news driven so the chart below may not happen at all.
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