📈US500 rebounds after fresh data

US500 moved sharply higher after the publication of fresh economic data, the most important of which was the Employment Cost Index. Today's reading showed lower labour costs in Q4, which may in turn mean that the US labor market has become saturated. Some investors believe that this may mean that inflation will fall in the near future and the FED will not be forced to aggressively raise interest rates. After the publication, US500 bounced off the major support zone around 4270 pts which is marked with previous price reactions. If current sentiment prevails, upward move may accelerate towards resistance at 4440 pts. 

US500, H4 interval. Source: xStation5