Out here at 3966.25 for gain of 203.25 pts. Too much, too fast today and I was targeting this area or slightly higher anyway. I'll get back in on a pullback or consolidation if need be.
You had better count your blessings on that CPI number today, and acknowledge the FA Gods. Because 3763 is right about where we were at midnight last night. Had the print gone differently, you would be licking some serious wounds.
You betcha', because I have learned that in this crazy high-inflation/Fed-driven market, FA uber alles. All these people claiming that is was some simple technical move, I call BS on their analysis.
Makes sense. You use FA and go into massive drawdowns. They use TA and bank. Pickup up on the subtle cues yet?
@Overnight is right, though. A market can be understood and traded technically, but these days it’s all about inflation and FED policy, so these last three reports have been major catalysts down, down and yesterday up. If that number came out 0.2% higher instead it seems logical we’d drop by an equal amount. I wonder what Powell thinks about this latest move. I’m not sure he’s loving it. Personally, I’m still cautious about reading too much into this rally at this point. Maybe it will get legs, but wouldn’t surprise me if it reverses.