FundamentalOverviewThe S&P 500 ralliedstrongly on Friday as Fed Chair Powell tilted more dovish by saying that “withpolicy in restrictive territory, the baseline outlook and the shifting balanceof risks may warrant adjusting our policy stance.”That saw traders firming upexpectations for a rate cut in September which now stands around 82%probability with a total of 54 bps of easing by year-end. Overall, it’s not therepricing in interest rates expectations that supported stocks but hedges beingunwound.Now, the focus turns to theUS NFP report next week which is going to be crucial and will influence greatlyinterest rates expectations. Strong data might take theprobability for a September cut towards a 50/50 chance but will certainly see amore hawkish repricing further down the curve which could weigh on the marketin the short-term.Soft data, on the otherhand, will likely see traders increasing the dovish bets with a third cut byyear-end being priced in and likely support the stock market.S&P 500Technical Analysis – Daily TimeframeOn the daily chart, we cansee that the S&P 500 bounced from the major trendline around the 6,365 level and then themomentum increased following Powell’s speech. If we were to get anotherpullback into the trendline, we can expect the buyers to lean on it again toposition for further upside. The sellers, on the other hand, will look for abreak lower to pile in for a drop into the 6,200 level next.S&P 500 TechnicalAnalysis – 4 hour TimeframeOn the 4 hour chart, we cansee more clearly the recent bounce on the trendline and the subsequent rally.There’s not much else we can glean from this timeframe, so we need to zoom into see some more details.S&P 500 TechnicalAnalysis – 1 hour TimeframeOn the 1 hour chart, we cansee that we broke above a downward trendline that saw buyers increasing thebullish bets before undergoing a pullback. We have now another downwardtrendline defining the pullback. The sellers will likely continue to lean on itto keep pushing into new lows, while the buyers will look for a break higher toincrease the bullish bets into a new all-time high. The red lines define the average daily range for today.UpcomingCatalystsToday we have the US Consumer Confidencereport. Tomorrow, we get the latest US Jobless Claims figures. On Friday, weconclude the week with the US PCE price index. This article was written by Giuseppe Dellamotta at investinglive.com.