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Germanys DAX30 index closed at 23,786.85 points on Wednesday, July 2, up 69.44 points, or 0.29%; Britains FTSE 100 index closed at 8,773.33 points on Wednesday, July 2, down 12.00 points, or 0.14%; Frances CAC40 index closed at 7,738.45 points on Wednesday, July 2, up 75.86 points, or 0.99%; Europes STOXX 50 index closed at 5,318.55 points on Wednesday, July 2, up 36.12 points, or 0.68%; Spains IBEX35 index closed at 14,037.57 points on Wednesday, July 2, up 46.57 points, or 0.33%; Italys FTSE MIB index closed at 39,778.00 points on Wednesday, July 2, up 216.70 points, or 0.55%.July 2, U.S. Treasury Secretary Benson said Tuesday night that he thinks the Federal Reserve may cut interest rates in September or "earlier" because Trumps tariffs have so far only caused mild inflation. "I think the standard is that tariffs are not inflationary. If they were to follow that standard, I think they might act earlier, but certainly before September," Benson said. "I guess this tariff disharmony syndrome will even happen at the Fed." Benson made the above remarks as Trump increased pressure on the Federal Reserve and Powell to cut interest rates by as much as 3 percentage points.The bid-to-cover ratio for the U.S. 4-month Treasury bond auction as of July 2 was 3.04, compared with 3.13 in the previous session.The winning rate for the U.S. 4-month Treasury bond auction until July 2 was 4.185%, compared with the previous value of 4.20%.Reuters poll: The Hungarian forint is expected to fall 1.5% to 405.5 against the euro in six months (previously estimated to be 410).

S&P 500 Price Forecast – Stock Market Rallies Heading Toward CPI

Steven Zhao

Jan 12, 2023 15:42


Technical Analysis of the S&P 500

Even though the critical CPI statistic is out on Thursday, the S&P 500 has surged pretty substantially in the early hours of Wednesday. To be very honest, it seems that many traders are actively attempting to "front run the Fed," which is nothing new. However, given where we are on the chart, it could be challenging to go through this threshold. Given that the 200-Day EMA is barely above, there will undoubtedly be some attention given to this scenario. A significant downtrend line and the 4000 level are both possible tangles after a break above the air.


Keep in mind that Wall Street, which is seeking for low-cost financing, seems to be depending on the notion that the Federal Reserve would provide some kind of relief. For the last 14 years or more, that has been the whole game: making quick, easy money. Because the Federal Reserve is to blame, they will inevitably have to adopt an extremely hostile and pessimistic tone. Although it seems that everyone is ready to disregard it for the time being, it is coming near to the inflation level, which will almost certainly startle the market once again.


Having said that, we have a good chance of reaching 4200 if we manage to break above the downtrend line. The Wall Street traders are really skilled at creating stories, so as soon as they receive the shot, there will be some other tale to listen to. That is an area where I would also anticipate seeing a lot of opposition.

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