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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the S&P 500 for SEP 12, 2024.
Key Takeaways
U.S. inflation: The annual rate of the unadjusted CPI in August was 2.5%, the fifth consecutive month of decline, the lowest level since February 2021, and lower than the market expectation of 2.6%. The annual rate of the unadjusted core CPI was 3.2%, the same as expected and the previous value, after falling for four consecutive months.
Interest cut is still to be determined: After the CPI data, traders cut their bets on a sharp interest rate cut by the Federal Reserve. Interest rate futures show that the probability of a 50-basis point rate cut by the Federal Reserve in September is 17%. However, the actual combination of last week’s employment data and the sharp downward revision shows that the U.S. job market is cooling rapidly, so it is possible for the Federal Reserve to cut interest rates by 25 or 50 basis points.
Technical Analysis
Daily Chart Insights
(S&P500 Daily Price Chart, Source: Ultima Markets MT4)
(S&P500 Daily Price Chart, Source: Ultima Markets MT4)
MA group: The use of the double track MA is similar to the Gubbi MA. The short-term MA group (15-day MA and 21-day MA) is always above the medium-term MA group (60-day MA and 80-day MA). In theory, the S&P 500 is still in the rising stage.
Pin bar: Yesterday’s closing K-line was a pin bar with a long lower shadow, which suggests that the support of the medium-term MA group below is relatively strong, and the S&P 500 may continue the bullish trend.
H1 Chart Insights
(S&P500 H1 Price Chart, Source: Ultima Markets MT4)
(S&P500 H1 Price Chart, Source: Ultima Markets MT4)
MACD: The momentum column amplified the rise yesterday, and the indicator sent a bullish signal again above the 0 axis. The bullish signal above the 0-week usually means that the previous adjustment is over, and the market price is expected to enter a period of rapid rise.
Short-term resistance price: After the S&P 500 broke through the upward channel line, it clearly defined the upward driving wave. It is currently blocked by the previous long-short conversion range. The market price will adjust and fluctuate in the short term, and then it may continue to rise to the top neckline of 5637 in early September.
Pivot Indicator
(S&P500 M30 Price Chart, Source: Ultima Markets APP)
(S&P500 M30 Price Chart, Source: Ultima Markets APP)
According to the Ultima Markets APP, the central price of the day is established at 5504,
Bullish Scenario: Bullish sentiment prevails above 5504, first target 5605, second target 5638;
Bearish Outlook: In a bearish scenario below 5504, first target 5471, second target 5447.
Conclusion
To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey.
For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets.
Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets.
Stay tuned for more updates and analyses from our team of experts at Ultima Markets.
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Legal Documents
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