S&P 500 continued on a bullish note, no matter how much tech was dragging its feet. Downswing rejection, that‘s what characterized yesterday‘s session, and left quite a few cyclicals and HYG bullish clues while Nasdaq is primed for an agreeably low CPI figure.Yesterday was a great day for extending intraday gains be it , then a , and finally I could add . Not just in preparation for CPI, I recorded , and added more DAX gains (+58 pts) for you this European morning as well.Plenty to look for in today‘s session – the chart section would be brief, and I‘ll concentrate on live commentary and decisions for all clients.Suffice to say that I’m looking for rather cooler than hotter inflation, which would (such a figure would…) translate into limited downside, less of Fed tightening bets, and eventual risk-on.leaning resolution. Nimbly reacting to the market interpretation would be key. Credit Markets(Click on image to enlarge)
Credit markets are not capitulating, but are also cautious – signs are these are positioned for a risk-on resolution as well. Gold, Silver and Miners
Precious metals are increasingly improving, and all that‘s missing, is a clear upswing on rising volume. I‘m still though not looking for miners‘ outperformance – the yellow metal is to do best as we‘re heading for recession. Cautious optimism.More By This Author:SPY BreakoutInside Day SPY RecoveryThat Was The SPX Dip
SPY Breakout On CPI
