The CFD contract on the S&P 500 futures, after a notable decline on Tuesday, is already showing signs of a rebound on Wednesday amid still-strong expectations of a Federal Reserve rate cut in September. Investors are awaiting today's release of the minutes from the Fed's latest meeting, as well as Fed Chair Jerome Powell's speech this Friday at the Jackson Hole symposium. Hopes remain high in the market that both the minutes and Powell's remarks will signal that rate cuts are on the horizon.

From a technical perspective, the contract is showing a local upward reversal after yesterday's decline.

Technical picture and trading idea:

The price is below the middle line of the Bollinger Bands, as well as below the SMA 5 and SMA 14. The RSI is turning upward above the oversold zone. The Stochastic is already in this zone and is attempting a crossover and upward reversal.

A move above 6404.85 could open the way for growth toward 6455.80. The level of 6409.77 may serve as a potential entry point for buying.