Easing Inflation Rate Spurs Optimism for a Bullish Trend?

SP:SPX   S&P 500 Index
Hi Realistic Traders. Here's my price action analysis on the S&P 500!

The SPX has convincingly breached the double bottom, presenting a compelling signal for a potential bullish reversal. The price trajectory exhibits a sustained upward movement, concurrently shaping a continuation pattern recognized as the Descending Broadening Wedge Pattern. As this pattern unfolds, a subsequent breakout from the descending broadening wedge provides robust confirmation of a conceivable upward trajectory toward the specified target area. Beyond the prism of price dynamics, the oscillator has undergone a significant golden cross, adding another layer of confidence to the outlook and signaling the potential for a bullish market trend.

It is essential to note that the analysis will no longer hold validity once the target/support area is reached.

Recent Announcement of the Inflation Data
- In October 2023, the annual inflation rate in the United States decelerated to 3.2%, marking a decrease from 3.7% observed in both September and August. This figure also fell below market forecasts of 3.3%.
- The annual core consumer price inflation rate in the United States, excluding volatile items such as food and energy, exhibited a marginal decline to an over two-year low of 4% in October 2023, down from 4.1% in the preceding month. Contrary to market expectations, which anticipated stability at 4.1%.
-The unexpected deceleration in inflation has fostered the anticipation that the Federal Reserve's assertive tightening cycle may have concluded. This development is instilling optimism for a bullish scenario in the market.

"Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on
SPX ."

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base breakout: Further confirmation of Bullish Bias
Stay above the recent breakout zone, going toward the first target
Trade closed: target reached:
Finally, the wait is over, hit the first target :)

Trade closed: target reached:
Dow Jones Made an All-Time High at 5137 Level, surpassing the second target tremendously


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