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Stocks Pause Ahead of Key Data

By Sunshine Profits (Paul Rejczak)Stock MarketsJun 08, 2023 09:15AM ET

www.investing.com/analysis/stocks-pause-ahead-of-key-data-200638855

By Sunshine Profits (Paul Rejczak) | Jun 08, 2023 09:15AM ET

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The S&P 500 index lost 0.38% on Wednesday as it continued to fluctuate below the 4,300 level following its last week’s rally. On Monday, the market reached a new medium-term high of 4,299.28, and it was the highest since August of 2022.

Yesterday it went to the daily high of 4,299.19 before closing slightly below the 4,270 level. There is still a lot of uncertainty concerning monetary policy, the coming economic data releases, and some technology stocks’ valuation, but overall, the investors’ sentiment remains bullish.

Stocks are expected to open 0.1% higher today. So the S&P 500 index will further extend its consolidation. Recently it broke above a two-month-long trading range as we can see on the daily chart:

SPX Daily Chart

Futures Contract Continues Sideways

Let’s take a look at the hourly chart of the S&P 500 futures contract. This morning it’s trading along the 4,270 level. The resistance level is at 4,300, and the support level remains at 4,250, among others.

S&P 500 Futures 1-Hr Chart

Conclusion

The S&P 500 will extend its short-term consolidation this morning. Investors are now waiting for the next week’s crucial economic data releases, including Tuesday’s CPI and Wednesday’s FOMC, among others. For now, it looks like a relatively flat correction within an uptrend. There have been no confirmed negative signals so far.

Here’s the breakdown:

The S&P 500 will likely extend its consolidation this morning; the market is waiting for the next week’s economic data.
There have been no confirmed negative signals so far.
In my opinion, the short-term outlook is still bullish.

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US 30	33,291.0	-142.4	-0.43%
US 500	4,268.3	-20.1	-0.47%
Dow Jones	33,433.35	-74.15	-0.22%
S&P 500	4,288.39	+0.34	+0.01%
Nasdaq	13,307.77	+88.45	+0.67%
S&P 500 VIX	18.39	+0.78	+4.43%
Dollar Index	106.829	+0.223	+0.21%

Crude Oil WTI	88.43	-0.39	-0.44%
Brent Oil	90.17	-0.54	-0.60%
Natural Gas	2.867	+0.027	+0.95%
Gold	1,842.85	-4.35	-0.24%
Silver	21.247	-0.174	-0.81%
Copper	3.6132	-0.0283	-0.78%
US Soybeans	1,265.50	-10.50	-0.82%

U.S. 10Y	4.739	+0.052	+1.11%
U.S. 30Y	4.862	+0.066	+1.37%
U.S. 5Y	4.760	+0.043	+0.91%
U.S. 3M	5.509	+0.023	+0.42%
US 10Y T-Note	107.02	-0.31	-0.29%
Euro Bund	127.36	-0.36	-0.28%
10-2 Yield Spread	-42.56	+4.90	+-10.32%

Apple	173.75	+2.54	+1.48%
Alphabet A	134.17	+3.31	+2.53%
Tesla	251.60	+1.38	+0.55%
Amazon.com	129.46	+2.34	+1.84%
Netflix	380.33	+2.73	+0.72%
Meta Platforms	306.82	+6.61	+2.20%
Bank of America	26.70	-0.68	-2.48%

	Interest Rates	Next Meeting
FED	5.50%	Nov 01, 2023
ECB	4.50%	Oct 26, 2023
BOE	5.25%	Nov 02, 2023
SNB	1.75%	Dec 14, 2023
RBA	4.10%	Oct 03, 2023
BOC	5.00%	Oct 25, 2023
RBNZ	5.50%	Oct 04, 2023
BOJ	-0.10%	Oct 31, 2023
CBR	13.00%	Oct 27, 2023
RBI	6.50%	Oct 06, 2023
PBOC	3.45%
BCB	12.75%	Nov 01, 2023

Stocks Pause Ahead of Key Data

Futures Contract Continues Sideways

Conclusion

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