🚀US30 hit 12-week high❗

Today's US inflation report completely reversed market sentiment and provided fuel for bulls. The Dow Jones is trading 2.6% higher, while the S&P 500 and Nasdaq surged 4.2% and 5.6%, respectively after the cooler-than-expected CPI print. The report also showed the CPI coming in softer than expected on a monthly basis, as well as in its core reading. The market movement came along with a softening dollar and Treasury yields, which brought some respite to beaten-down stocks especially from the tech sector. Today's  data further consolidated the downward trend in US inflation, shaving 50bps off expectations for the Federal Reserve’s terminal rate to 5%. 

From a technical point of view US30 bounced off the major support zone around 32620 pts and reached the highest level since the end of August 2022. If current sentiment prevails resistance at 33700 may be at risk. This level is marked with 61.8% Fibonacci retracement of the last downward wave. Source: xStation5