As the S&P 500 chart (US SPX 500 mini on FXOpen) shows, the index is trading near the 6,800 level this morning. However, the balance between supply and demand could change significantly after the release of the Consumer Price Index (CPI) report scheduled for 15:30 GMT+3.

Against the backdrop of military developments in the Middle East and sharp movements in oil prices (as we previously noted, the WTI market remains volatile), today’s data will be an important factor for traders assessing the future policy path of the Federal Reserve. According to Forex Factory, analysts expect headline inflation to remain at 2.4%.

Technical Analysis of the S&P 500 Chart

The chart shows that the 7,000-point psychological level acted as an important threshold at the beginning of 2026 — the price attempted to move above it but failed. It is worth recalling that we highlighted early bearish signals in the article “S&P 500 Hits a Record – But Is Everything Really So Positive?” as early as 13 January.

Since then, bearish pressure has led to:

→ the formation of the descending trend line R;
→ the trading channel (originating in late 2025) being extended downward twofold in early March.

In the context of recent S&P 500 price action, it is important to note that:

→ the lower boundary of the expanded channel has acted as support;
→ the median line is currently showing signs of resistance.

Also note the increasing importance of the 6,700 area:

→ a bearish gap formed there at the beginning of this week;
→ however, the price later moved sharply above this gap, meaning it could potentially act as support in the future.

In the near term, it is reasonable to expect that the release of the data may trigger a spike in S&P 500 volatility. It is possible that the price will test either the red trend line R or the highlighted support area.

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