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Ready For CPI Aftermath

S&P 500 didn‘t sweat Powell testimony day 2, and the opening retail shakeout was heavily bought – especially after a good 10y auction. The surge into the opening bell and strongly risk-on sectoral overview was strongly risk-on and defensives (XLU and XLP) lagged badly behind. AMZN stand TSLA stalled, but there are many great candidates for pushing higher beyond NVDA.

An outlier were financials, but still I delivered a good quick options trade idea on C before the news of its fine were published aftermarket. Same for Ellin on AMD – and most importantly I didn‘t relent during the flushing of opening retail buying, I called at the lows for upswing to resume and beat prior ES highs, which stocks did – offering plenty of opportunities to profit for futures traders. Summed up.

S&P 500 and Nasdaq

Here is yesterday‘s premium daily stock market analysis – chart and commentary published over an hour before the market open, by and large confirmed by what happened next. Given the level of risks associated with CPI premarket today, fresh longs were a matter of risk-reward preference to me as I consider the downside risks of a negative or almost in line figures today (headline and core) as underappreciated.

S&P 500 and Nasdaq

(…) While the sectoral composition was risk-on yesterday with financials having a great day, fresh longs should be cautious here – even if nothing macroeconomically changed. Either we‘re going to get an early upswing following the opening bell that would be sold into on Powell (to a lesser degree than yesterday), or caution right from the start, which would increase the odds of picking stocks up (going long by institutions) before the end of the session.

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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 3 more of them, with commentaries.

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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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