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Technical Outlook

  

-S&P500 is near a resistance and can give a good trading opportunity if it breaks above it.

-The price is trading between the support and resistance of $161.761 and $164.256. Trade to confirm once a level is breached.

U.S. Core PCE Price Index MoM

The Core Personal Consumption Expenditure (PCE) Price Index measures the changes in the price of goods and services purchased by consumers for the purpose of consumption, excluding food and energy. Prices are weighted according to total expenditure per item. It measures price change from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

The previous Actual data was 0.3%. The forecasted data is 0.3%. The report is due Thursday, November 30, 202, 19:00GMT

S&P500 Technical Analysis:

S&P500 has been trading in a zig-zag manner for a few months now. A strong bullish trend in the S&P500 did go into a pullback. A swing high was formed at $4607.07, followed by significant exhaustion till $4103.78, forming a bottom.

The price went up, crossing 50MA; it also took the support of the 50MA before moving up more. The price broke up the previous swing high. The RSI level is at 71.55, which is an overbought condition. Looking at the daily chart, we can see the previous swing high, which can be a resistance to the current price.

The S&P500 is mostly in an uptrend; we do not see any sign of a SELL. Traders may wait for the resistance break and hold(retest) above for a BUY signal.

Pivot Points: S&P500

  Support  Resistance
S14553.59R1  4557.09
S24552.26R24559.26
S34550.09R34560.59

Eurozone Consumer Price Index (CPI) YoY

The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.

The previous Actual data was 2.9%. The forecasted data is 2.9%. The report is due Thursday, November 30, 2023, 15:30GMT

EURJPY Technical Analysis:

On the Daily TF, EURJPY was in a consolidation state until mid-October, when the price broke above the range and took support. The price at this point gave two signals as it also broke above the 50EMA and took support.

The market started to form higher highs and higher lows and went into the bullish channel. Most recently, the price formed a resistance at $164.256 and a pullback at $161.761. The price is trading between the support and resistance of $161.761 and $164.256.

We could see the price trading higher once the resistance is breached.

Pivot Points: EURJPY

  Support  Resistance
S1163.55R1163.65
S2163.50R2163.70
S3163.45R3163.75

Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

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