Price action
- As shared previously, key levels need to hold and we are still holding on to the first one (even though jobs data was hot on Friday)
- Coming week has CPI and PPI which can either keep the Q1 rate cut hopes alive or kill it!
- VWAPs CPI Nov and Dec still points to key levels at 464 and 455. 455 is significant as it has the MA50 coming up in confluence.
- Note also a break below current level would also mean a MA5 yellow crossing below green MA20
Positive CPI/PPI reaction
- A bounce off 464 and back upwards to re-test 470 and above
Negative CPI/PPI reaction
- Further pullback towards the 455 VWAP/MA50 confluence.
Bear case
- Still points to gap fill of Nov CPI breakout at about 440 down to 438
Good luck, all!
S&P500 Daily Chart - 6 Jan 2024
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