S&P 500 futures pushed to an overhead target at 4694.50 before the CPI number and then so off back to just above a support at 4660.00 about 15 minutes into the day session. Since then, it has been a steady grind up. I think the ‘easy’ trade was to buy the morning buyback and think it is tough from here. I’d say there is a minor bias up to retest 4694.50 and perhaps 4702.75 but don’t think it is a hurry.
Crude again is the chart that I find the most compelling as it is following the script. CL has moved down hard from the 71.85 resistance and should now be closing in on the end of the drop down from late September high and due for a decent bounce. Probably a little too aggressive to buy today, but certainly should be taking profits on shorts. Supports to watch at 68.30 and 67.50 in the January contract.