fundamental News - SP500
S&P 500 Index futures are trading higher at the mid-session on
Thursday after hitting a record high earlier in the day. The price surge
occurred as investors shrugged off a key inflation report that showed a
bigger-than-expected increase in consumer price pressures.
The direction S&P 500 Index into the close is likely to be determined by trader reaction to 4218.50.
A sustained move under 4218.50 will signal the presence of sellers. The
first downside target is the minor pivot at 4207.00. This is followed by
the minor bottom at 4205.75. This is a potential trigger point for an
acceleration to the downside with the next
target the main bottom at 4165.25.
Consumer prices for May accelerated at their fastest pace since the
summer of 2008 amid the economic recovery from the pandemic-triggered
recession, the Labor Department reported Thursday.
The consumer price index, which represents a basket including food,
energy, groceries and prices across a spectrum of goods, rose 5% from a
year ago. Economists surveyed by Dow Jones had been expecting a gain of
4.7%.
A separate report released Thursday showed that jobless claims for
the week ended June 5 came in at 376,000, versus a Dow Jones estimate of
370,000. The total still marked the lowest of the pandemic era.
In stock-related news, UPS shares rose about 1% after an upgrade
from JPMorgan. Shares of Boeing and Delta Air Lines were also higher.
Technical Analysis
The main trend is up according to the daily swing chart. The
uptrend was reaffirmed earlier today when buyers took out the previous
main top at 4238.25. A trade through 4165.25 will change the main trend
to down.
A sustained move over 4218.50 will indicate the presence of buyers.
The first upside target is the intraday high at 4249.00. This could be
the trigger point for an acceleration to the upside.
expectation today: neutral