Inflation Report Set to Drive Market; Key Levels for both side
Technical Analysis:
Today’s inflation report is anticipated to drive significant market movements, particularly following unanimous agreement among Fed members to cut rates by 50 basis points.
A CPI release exceeding 2.3% is expected to support a bearish trend towards 5,732. Conversely, a CPI below 2.3% would likely drive a bullish trend, targeting 5,863.
Additionally, stability above 5,784 would reinforce a bullish outlook, while a close below this level on the 4-hour candle could prompt a decline toward 5,732.
Key Levels:
Pivot Point: 5784
Resistance Levels: 5820, 5863, 5891
Support Levels: 5759, 5732, 5708
Trend Outlook:
Bearish below 5784
Bullish above 5784
Today’s inflation report is anticipated to drive significant market movements, particularly following unanimous agreement among Fed members to cut rates by 50 basis points.
A CPI release exceeding 2.3% is expected to support a bearish trend towards 5,732. Conversely, a CPI below 2.3% would likely drive a bullish trend, targeting 5,863.
Additionally, stability above 5,784 would reinforce a bullish outlook, while a close below this level on the 4-hour candle could prompt a decline toward 5,732.
Key Levels:
Pivot Point: 5784
Resistance Levels: 5820, 5863, 5891
Support Levels: 5759, 5732, 5708
Trend Outlook:
Bearish below 5784
Bullish above 5784
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