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• Major U.S. stock indices dip around 0.7% amid inflation and rate hike worries.
• Rising oil prices contribute to renewed inflation concerns.
• Treasury yields hover near 16-year highs.
• The dollar remains strong, tracking higher yields.
• Government shutdown fears loom as spending laws expiration date approaches.
• Tech giants Apple, Microsoft, Amazon, and Nvidia are down approximately 0.9%.
• Tesla faces scrutiny over exports from China to the EU.
• Dow Jones down 2.1%, S&P 500 loses nearly 3.8%, Nasdaq sinks over 5% for the month.
• Chicago Fed President suggests rates could remain steady at a higher level.
• Focus on upcoming U.S. consumer confidence and home sales data.
   

Technical Perspective E-mini S&P 500

The E-mini S&P 500 Futures contract is currently trading lower, down approximately 1%, at around $4333. This decline is associated with a technical p-shaped volume profile structure, which typically suggests a bearish market sentiment. The Point of Control (POC) level within this profile is key, as it can help determine the prevailing bias. Additionally, positive volatility and a stronger dollar are exerting downward pressure on the market.

The daily interval continues to exhibit a bearish imbalance, and this perspective aligns with the Quarterly and Monthly value areas. The market is currently targeting the Year’s developing VWAP, indicating a bearish outlook.

When examining the weekly interval, it’s possible that the market could encounter absorption and short covering around the current lows. This dynamic could potentially trigger a pullback in prices.

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