The S&P 500 sits close to its record high of 7,844, and IG's technical analysis keeps the short-term trend bullish while the index holds above 7,730. Investors are awaiting US September CPI figures, and markets price a chance of further Fed tightening.
The S&P 500 remains close to its recent record high at 7,844, according to IG's technical analysis published on 14 October 2026. If the index clears that level, IG says the minor psychological 8,000 region will probably be eyed next.
Support levels hold the uptrend
IG lists support between the recent highs at 7,794-to-7,771, followed by the early September high at 7,757 and the 19 August high at 7,744. While the 8 October low at 7,730 underpins, the short-term uptrend remains intact.
Further support lies at the early October low at 7,617, and lower still at the 7,581-to-7,573 region. IG rates the medium-term outlook bullish while above the September low at 7,508.
US inflation data and the Fed in focus
Investors awaited September CPI figures, with annual headline inflation forecast to accelerate to 3.6% from 3.4%. Core prices are expected to rise 0.2% month on month as energy costs rebounded.
The Fed outlook remains uncertain. New York Fed President John Williams said another rate increase could be needed this year but not in 2027. Markets priced in a 22% chance of an October hike, a 77% probability of rates remaining unchanged at the 27–28 October meeting and an 88% chance of an increase in December.
Oil and Asian stocks set the backdrop
Oil prices rose as tensions escalated in the Strait of Hormuz, where two vessels were struck. Brent reached $106.27 a barrel, near a two-week high, and WTI reached $94.70.
In Asia, a recovery in semiconductor and AI-related shares lifted MSCI's Asia-Pacific index excluding Japan by 0.8% after it hit a ten-week low. Continued weakness in US chip stocks and bank shares capped gains.
Source: IG – News and trade ideas
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