SPx (U.S. Index Futures Edge Higher After Weeks of Gains)

U.S. Index Futures Edge Higher After Weeks of Gains

Futures for major U.S. stock indexes saw a modest increase on Monday, building on several weeks of consecutive gains. Investors are now focusing on key inflation data due later this week, which will help determine the likelihood of interest rate cuts within the year.

The price is anticipated to continue its bullish trend towards 5249, after which it is expected to commence a downward movement upon stabilizing below this threshold. A reversal below 5224 would likely confirm the continuation of a bearish trend, targeting levels of 5195 and 5177.

The potential for this bearish trend is attributed to escalating tensions in the Middle East and the upcoming Consumer Price Index (CPI) data release this week.

Pivot Line: 5224
Resistance Levels: 5249, 5280, 5302
Support Levels: 5196, 5177, 5150

Today’s expected trading range is between the support 5177 and the resistance 5249.