Stocks look set to begin the week with declines as the S&P 500 fails to stay above the 3900 area. We are set to enter a major period for risk assets with inflation data and corporate earnings this week.
Stocks look set to begin the week with noticeable declines as the S&P 500 fails to gain traction above the 3900 area. Risk performed well last week, as S&P 500 futures briefly traded up to 3920. We are set to enter a major period for risk assets with inflation data and corporate earnings dotting the near-term economic calendar.
So far, price has been able to hold itself at the key pivot of 3860. Markets may continue to gyrate into Wednesday’s CPI print, as last month’s data release was the catalyst for a major move in risk. Should bears take price below current support at 3860, traders may look to major Fib support at 3802.When we zoom out to the daily timeframe, the picture becomes much clearer. Despite last week’s decent rally, price was unable to revisit the late-June swing highs around 3950.
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