US equity markets remain rangebound as the latest look at US price pressures heaves into view. Get your market update from nickcawley1 here:
US equity markets remain rangebound as the latest look at US price pressures heaves into view. The eagerly awaited release is expected to show core inflation m/m easing to 0.5% in May, compared to 0.6% in April, while monthly headline inflation is expected to rise to 0.7% from a prior month’s 0.3%. A strong deviation from tomorrow’s expected numbers will spark a fresh round of volatility in the US equity space.
The S&P 500 is in wait-and-see mode, highlighted by the blue box. Short-term price action has produced a series of lower highs, while support around the 4,070 level has been tested three times and has held firm. The S&P 500 is also trapped between the 20- and 50-day moving average, adding to an already cloudy outlook. One indicator that may give a clue to future price action is a bullish flag formation made over the last three weeks.
The number of traders net-long is 5.58% higher than yesterday and 2.16% lower from last week, while the number of traders net-short is 6.50% lower than yesterday and 4.75% higher from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests US 500 prices may continue to fall.
Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a
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