Instrument: US500
Bullish Preference:
A buy position is envisaged if the price trades above 4455.7 with take profit at 4456.8.
Bearish Preference:
A sell position is envisaged if the price trades below 4450.5 with take profit at 4447.2
Fundamentals:
None with High Impact
Comment:
The US Bureau of Labor Statistics will release inflation data for June one hour before the market opens on Wednesday. Analysts are counting on the June CPI to continue lowering the level of inflation in the US market, which they hope will forestall some Fed rate hiking. As it stands, the market is nearly unanimous in expecting a 25-basis-point hike on July 26. Continued disinflation, however, in the June CPI could bring the equity market more optimism. Analysts are predicting a sharp drop in YoY inflation. June consensus is 3.1% YoY, a major drop from May’s 4% reading.
Analysis: SCRUM Team