US Futures Edge Lower
U.S. stock futures dipped slightly in early trading as investors consolidate gains ahead of key inflation data. By 5:45 AM ET, Dow Jones Futures were down 30 points (-0.1%), S&P 500 Futures fell 8 points (-0.1%), and Nasdaq 100 Futures declined 45 points (-0.2%).
Last week, the S&P 500 and NASDAQ Composite surged to record highs, rising around 1% and over 3%, respectively. The Dow Jones Industrial Average lagged, closing down 0.6%.
Key Focus: CPI Data on Wednesday
Markets await November CPI data, expected to show a 2.7% YoY increase and a 0.2% monthly rise. Core CPI inflation is projected to remain well above the Fed’s 2% target. Despite expectations for a December rate cut, a strong labor market and elevated inflation suggest rate cuts may slow in 2025.
Market Sentiment
- NQ Weekly Outlook: Buyers must defend 21500, last week’s volume point of control. Acceptance above could target 21725, 22000, and 22300. Below 21500, watch for 21340 to hold as key support. A failure here could signal a retreat toward 21000.
Key Levels:
- Upside Targets: 21725, 22000, 22300
- Downside Targets: 21500, 21340, 21000
Other Notable Headlines:
- Middle East: Crude prices rise as regime change in Syria adds geopolitical uncertainty.
- Earnings Watch: Oracle (ORCL) reports after the close.
- Economic Data: CPI (Wednesday) and PPI (Thursday).
See OP Chat for yesterday’s PYT tickers as Tracks ran down each of them.
Stay tuned for updates as markets navigate this critical week! Lifers- 12 days of Christmas is coming so be ready 🙂
Lastly- I wanted to highlight this member’s accomplishment. Amazing work! Who’s next??
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