FundamentalOverviewThe soft NFP report on Friday was again fadedcompletely by the stock market because of the focus on Fed rate cuts. In fact,the dovish bets on the Fed increased and the market is now expecting three ratecuts by year-end (68 bps). Moreover, we have also an 8%probability of a 50 bps cut in September but that will likely happen only if weget a soft CPI report today. In that case, the stock market might get anotherboost to push into new all-time highs.The bigger picture hasn’t changedmuch as the stock market continues to see better growth ahead despite all thedoom and gloom coming from analysts and economists. The market doesn’t careabout what has happened in the past quarters but how things are likely toevolve in the next quarters. And those positive expectationsare supported by the upcoming rate cuts and the fact that things are not as badas people think. We just have a frozen labour market most likely due to the uncertaintycreated by Trump’s policies in the first half of the year. That is now behind us,and the rate cuts could spur growth and improve economic activity, which is agood thing for the stock market.S&P 500Technical Analysis – Daily TimeframeOn the daily chart, we cansee that the S&P 500 is trading inside what looks like a risingwedge. If we move into the top trendline,we can expect the sellers to step in with a defined risk above the trendline toposition for a drop into the bottom trendline targeting a breakout. The buyers,on the other hand, will want to see the price breaking higher to increase thebullish bets into new all-time highs, but will also continue to lean on thebottom trendline to keep pushing into the upside.S&P 500 TechnicalAnalysis – 4 hour TimeframeOn the 4 hour chart, we cansee that we have a minor upward trendline defining the bullish momentum. Thebuyers will likely continue to lean on the trendline with a defined risk belowit to keep pushing into new highs, while the sellers will look for a breaklower to target a pullback into the bottom trendline of the wedge.S&P 500 TechnicalAnalysis – 1 hour TimeframeOn the 1 hour chart, there’snot much we can add here other than highlighting the supportzone around the trendline and the 6,520 level. In case the price moves intothat zone, we can expect the buyers to step in to position for a rally into newhighs, while the sellers will target a breakout to the downside to extend thedrop into the 6,420 level next. The red lines define the average daily range for today.UpcomingCatalystsToday we get the US CPI report and the latest US JoblessClaims figures. Tomorrow, we conclude the week with the University of MichiganConsumer Sentiment report. This article was written by Giuseppe Dellamotta at investinglive.com.