S&P 500 hits new all-time highs despite disappointing Core PCE report

[Redator]

Stock markets this week have been on a frenzy, with Nasdaq leading the US Indices to new all-times on Wednesday and the S&P 500 (futures, cash is opening in a few minutes) are joining its tech-focused collegue.

Core PCE numbers did not come as good as expected with 2.7% vs 2.6% (Core m/m 0.2% vs +0.15% exp) – The jump is overall not so aggravating but it's one of the first negative surprises that markets are seeing for US Inflation since Trump got elected.

Markets are awaiting and getting a few good news on the US trade deals – The latest is the White House announcing that the July 9 is in the end not too important, and Trump mentioning the completion of a Deal with China, however the details are still missing.

Read More: Risk-on persists, JPY held firm, Gold extends losses to 4-week low

S&P 500 CFD Technical Analysis

Daily Chart

S&P 500 Daily Chart, June 27, 2025 – Source: TradingView

Taking a step back to the daily chart highlights just how volatile equities have been in the first half of 2025.

One of the key emerging themes is the market’s increasingly muted reaction to Trump-related developments—especially now that the Israel-Iran conflict is fading from the headlines.

Technically, the 50-day moving average is on the verge of crossing above the 200-day moving average—a “Golden Cross” that’s widely seen as a bullish signal.

However, bulls will likely need stronger economic data to justify pushing risk assets to further highs.

Futures are hovering just 10 points above the January ATH, and even the release of PCE data hasn’t sparked major volatility.

The true test will come at the cash open—will traders show appetite for another leg of price discovery?

S&P 500 1H Chart

S&P 500 1H Chart, June 27, 2025 – Source: TradingView

The buying momentum after the de-escalation and ceasefire in the Middle East really has been mind-boggling.
Dip buyers have had the hand in the past five years, particularly when bullish catalysts come into play (or bearish catalysts fade away)
A 3-month recovery took the index back from 4,800 all the way to 6,160 current levels.

S&P Bulls are following the 1H 20-period moving average to keep pushing their momentum, and with the RSI currently retracting, it will be key to see what reactions the Opening Bell generates.

There is Intermediate Resistance at 6,170 and Potential resistance 6,200.

To buy a potential dip, look at Support around the 6,150 level (close to Jan ATH), further support at the Resistance turned Pivot 6,100 and finally the 1H MA 200 at 6,040.

Resistance Levels:

• Intermediate Resistance at 6,170
• Current highs 6,177
• Potential resistance 6,200

Support Levels:

• Support around the 6,150 level (close to Jan ATH)
• Further support at the Resistance turned Pivot 6,100
• 1H MA 200 at 6,040.

Safe Trades as the Opening Bell rings!

Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.
If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.
Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.
© {CURRENT_YEAR} OANDA Business Information & Services Inc.