The Rock Trading #TRT
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NEW ATHs
🕑 Added 2024-06-05 19:44:47 +0000 UTCThe S&P 500 rose to a fresh high Wednesday as Nvidia led major tech stocks higher and slightly weak labor market data gave investors hope the Federal Reserve might move to lower interest rates later this year. At this point, Fed Swaps are pointing towards a first rate cut in September. Jobs data received so far this week includes JOLTs and ADP numbers which paints a softening labor market. Remember, The Federal Reserve's dual mandate is to achieve maximum employment and keep prices stable.
Cleveland CPI Estimates are coming in CORE 3.55 and 3.36 YOY headline which means that it's expected CPI report next week will show improvement YOY and MoM. The market is currently front running good NFP data on Friday and of course counting on Dovish Fed Powell as jobs are slowing down.
$SPY reached ATH today and is beyond our initial target of 531 for this week. Our next week target is 540 $SPY as we expect FOMC to be dovish backed by CPI cooling off.
Good luck!
