S&P500 and Nasdaq: Data Set as CPI Knowledge Clears the Manner for a Fed Fee Lower…

Technically, we’re nonetheless grinding greater, and momentum’s arduous to guess in opposition to. The S&P has cleared its prior ceiling and is working off among the extra from final week’s tight vary.

The Nasdaq seems prolonged however hasn’t signaled a reversal. If something, patrons preserve stepping in on dips.

I’m watching that 6,385 degree on the S&P as a short-term flooring. If it holds, bulls keep in cost. Above that, there’s not a lot resistance—simply open air.

So, The place Do We Go From Right here?

We’ve acquired the PPI report coming Thursday and Jackson Gap lurking on the finish of the month. These are the subsequent large catalysts. However proper now, the market needs to imagine the Fed has a inexperienced gentle to ease. So long as inflation knowledge doesn’t shock to the upside and earnings keep agency, bulls have the higher hand.

That being mentioned, we’re coming into a seasonally shaky stretch. August and September aren’t recognized for easy crusing. However once more, with charge lower odds rising and earnings stunning to the upside, dips may very well be shopping for alternatives. We’ll see how that performs out.

Extra Data in our Financial Calendar.