S&P500 Weekly Chart Review - 10 Dec 2023 - What will impact coming 2 weeks!

S&P500 Weekly Chart Review - 10 Dec 2023 - What will impact coming 2 weeks!

Price action!
- 6th week of positive in a row!!
- 4.45% away from All Time High!
- Stayed above Fibonacci retrace 78.6 of the bear flag from 2022 Bear
- RSI at 63 (some room to go to 70)

Upcoming key week!
- Tuesday 12 Dec - CPI! Will it be hot? ==> Am seeing cooler with the consideration of oil price in the previous read
- Wed 13 Dec - FOMC! Any rate hikes? ==> Am seeing no hikes and only cuts upcoming in 2024
- Wed 13 Dec - PPI! Hot? Might be over-shadowed by CPI and FOMC

Dec Summary of Economic Projection (SEP) Is very important!
- Why? Look for the FED projection on 2024 rates. The figure will determine how many cuts they are projecting!
- Why significant? Market is now projecting 5 cuts, so if FED shows less than 5 cuts, there will be sell off

Technicals
- Staying above Fib 78.6 does usually point to a retrace ==> All Time High for S&P500
- New All Time High could be end 2023 or could also be into Jan 2024

Good luck, all!