By Investing.com Staff
JPMorgan technical strategist Jason Hunter said a soft CPI print next week has the potential to squeeze the index to resistance levels near and above 4000. That said, they see levels in the 4100s as a likely ceiling for the quarter.
"In our view, the technical signaling that first led us to look for a rebound from that support layer still has forecast value for the weeks ahead and remains in line with the bullish seasonal pattern that carries into early-Jan," Hunter stated. "While we still view the advance as a likely counter-trend rally, we think a soft CPI report has the potential to squeeze the index to resistance levels near and above 4000. We ultimately see levels in the 4100s as a likely ceiling for the quarter."