The buying at the open took the S&P 500 up over 4090 negating the idea of a low degree fourth and a new low today. Instead, the market has rebounded back up into the range ahead of the CPI number tomorrow morning. Now at a place that will either let bulls try for a new swing high and attempt to fill the overhead gap if they like the CPI or press down with some force if they don’t like it. The pattern is not clear enough to try to guess what the number will be. Net, If futures push up on a low CPI print, don’t try to fight the rise. If the CPI comes in hot, SPX can easily give back the gain today and more. Wish I had something more definitive.
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