S&P 500 Outlook: CPI Data and Earnings to Shape Market Direction

S&P 500 Analysis: Pre-Bell Outlook

Earnings, CPI Expectations Lift Wall Street Futures; Asia Mixed, Europe Gains

Wall Street futures edged moderately higher in pre-market trading on Wednesday as investors positioned themselves ahead of the release of the December Consumer Price Index (CPI) report from Washington and the kickoff of the fourth-quarter earnings season.

The CPI report, set to be released today, could provide critical insights into the Federal Reserve's monetary policy outlook.

Technical Outlook
The S&P 500 is likely to remain under pressure as long as the price trades below 5863. In such a scenario, a decline toward 5829 and 5781 is anticipated, especially if the CPI data comes in at 2.9% or higher.

Conversely, if the CPI data is below 2.8%, it could support a bullish momentum, with the index potentially rising toward 5937.

• Key Levels
  Pivot Point: 5863
  Resistance Levels: 5888, 5937, 5969
  Support Levels: 5830, 5802, 5781
  
  
• Trend Outlook
  Bearish trend while trading below 5863.