AlphaTrack - SPX500 Stuck at 7,700 as Bulls and Bears Wait for Inflation to Break the Deadlock | FXCM Markets

Oil prices are pushing higher and helping keep inflation risk front and center as FXCM Markets notes renewed U.S.-Iran strikes and attacks on Saudi energy infrastructure. That has lifted crude toward six-week highs, with UKOil nearing $100 a barrel and U.S. fuel prices also rising, raising concerns that disruption in the Strait of Hormuz could persist. Despite the energy surge, broader markets have stayed relatively resilient, but the S&P/ASX 500 has been stuck in a sideways range since mid-August. The article says price repeatedly returns to the 7,700 area while moving averages flatten and the RSI hovers around neutral 50, leaving little directional momentum. It frames the decision point as momentum: RSI above 60 would support an upside breakout, while below 40 would increase the risk of a breakdown under the range. Upcoming U.S. PPI (Thursday) and CPI (Friday) are cited as potential triggers, after August payrolls rose 162,000.