That CPI Spike
S&P 500 showed promising intraday performance, but the posture somewhat deteriorated before the close as evaporating risk-on posture in bonds got into spotlight. The ground is being prepared for as positive CPI figure as possible, and the following three tweet thread neatly sums up my expectations going into the announcement.
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Let‘s move right into the charts (all courtesy of www.stockcharts.com).
S&P 500 and Nasdaq Outlook
4,093 followed by 4,128 have turned into supports, and the bulls can be relied to reach over 4,187 today. All that’s required is a not too hot CPI figure, which is virtually guaranteed.. The following question is where and how the buying spree stops as I don’t look for it to be confirmed in bonds or currencies.
Credit Markets
Bonds aren’t firm about rallying, and stocks can’t do without their support. The short end of the curve is back rising (2-y yield), and has yet to take its toll on stocks – fuelled by deteriorating earnings and worsening job market.
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All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice.
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