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PPI Springboard

S&P 500 is consolidating before PPI, having seen its upswing attempt rejected, corporate bonds stalled, and fear of inflation data culminating with CPI tomorrow, is there. Yet, there are several premarket hints – Russell 2000 rising as yields retreat a little, and also copper not being shy about extending sharp gains. Crude oil is of course subdued, and would be so – both precious metals keeping relatively up, positioning for the PPI outcome that I described on Sunday as most likely.

Plenty of Telegram and Twitter coverage is coming as I think the dive into the actual data would be as beneficial as highlighting the impact of almost absent government hiring on non-farm payrolls that I covered for you live.

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Let‘s move right into the charts (all courtesy of www.stockcharts.com).

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S&P 500 and Nasdaq

S&P 500 and Nasdaq

S&P 500 next upleg is approaching, and PPI coming in as low as possible would allow the Fed to play the rate cuts card once again. 5,235 is support, and given the beaten down cyclicals already, it would be hard to break unless we get a full-fledged risk-off day. That would require PPI above 0.5% rather than merely 0.4%, which I don‘t think we would get. I favor 0.3% if not 0.2% through some statistical miracle.

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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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