First Look: 2022-12-09
Nice move down from 4019.50 which is the 38% retrace from December 1st high to December 7th low off the PPI number this morning. The problem is the pretty steep bounce from a minor support at 3959.50. Best for bears that they keep S&P 500 futures under 4005.25 and slowly drift lower today so as to push to a new swing low later today or early next week. Over 4005.25 invites an eventual test of 4034.75, maybe on Monday.
Some good news for equity bears might be found in bonds this morning as they finally take a turn down and are starting to poke under first support of 130^09.