A buy position is envisaged if price trades above 1731.69 with take profit at 1734.48
A sell position is envisaged if price trades below price 1727.72 with take profit at 1725.51
1:30 USD: CPI m/m
Core CPI m/m
U.S. stocks are seen opening marginally higher Tuesday, with investors cautiously awaiting the August consumer price index release which is likely to set the tone ahead of next week’s Federal Reserve policy meeting. At 07:00 ET (11:00 GMT), the Dow Futures contract was up 215 points or 0.7%, S&P 500 Futures traded 28 points or 0.7% higher, and Nasdaq 100 Futures climbed 75 points or 0.6%. The major equity averages closed higher Monday, continuing last week’s relief rally, with the blue-chip Dow Jones Industrial Average gaining over 200 points or 0.7%, the broad-based S&P 500 closing up 1.1%, and the tech-heavy NASDAQ Composite jumping 1.3%. Market confidence appears to have been bolstered by the belief that inflation has already peaked, and with this in mind, the August inflation report, due at 08:30 ET (12:30 GMT), is firmly in the spotlight. This report comes just about a week before the Federal Reserve’s next policy meeting, and is expected to show that inflation has slowed with energy and commodities prices having fallen sharply in the last month. The headline August CPI annual number is expected to come in at 8.1%, down from 8.5% in July, while the monthly figure is seen falling 0.1%, compared with a flat number the prior month.
Analysis: SCRUM Team