S&P500 short-term remains bullishUS 500 (per 1.0)TRADENATION:US500TradeNationMarkets are entering today’s session with a risk-on bias after softer-than-expected US inflation helped ease fears of an imminent Fed rate hike. Global equities are pushing toward record highs, while bond yields have moved lower. The key focus today is the US July PPI, alongside initial jobless claims. A benign PPI reading would reinforce the recent disinflationary trend and support expectations that the Fed can remain patient on rates. The 30-year Treasury auction will also be important for gauging demand for longer-dated US debt. In the UK, Q2 GDP is the main data point, while the Norges Bank decision and comments from Fed officials Hammack and Barkin could generate additional volatility. Geopolitically, the Iran situation remains a major risk. The US is increasingly relying on sanctions and a naval blockade to pressure Iranian oil exports, keeping energy markets vulnerable despite yesterday’s pullback in crude. Oil breaking its six-day rally provides some relief, but the risk of renewed upside remains. Japan is also becoming more important for global markets, with government officials signalling support for a BoJ rate hike as early as September or October, helping the yen strengthen. S&P 500 conclusion The short-term outlook for the S&P 500 remains bullish. Softer inflation, falling bond yields and renewed confidence in the AI/technology trade are providing a favourable backdrop. However, with the index close to record highs, today’s PPI is crucial. A softer reading could reinforce the rally and open the door to fresh record highs. A hotter-than-expected number would likely push Treasury yields higher and trigger some profit-taking. Bias: Bullish above recent support, with dips likely to attract buyers — but elevated geopolitical and inflation risks argue against chasing the market aggressively at record levels. Key Support and Resistance Levels Resistance Level 1: 7,791 Resistance Level 2: 7,840 Resistance Level 3: 7,890 Support Level 1: 7,689 Support Level 2: 7,624 Support Level 3: 7,577 The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance. To the extent permitted by law, in no event shall Trade Nation (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk. Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Financial Spread Bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.7% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.