Wednesday, August 9, 2023

SPX, INDU, NYA: CPI and Resistance

Tomorrow is CPI, which the market is watching with interest (no pun intended) for obvious reasons, so let's keep things simple today.

First off, the near-term options, illustrated via INDU (other markets should roughly track this, but INDU was the clearest for purposes of conveying information to readers):

Bigger picture, NYA remains below key resistance:

And even bigger picture, SPX remains below key resistance:

While it's always possible bulls will surge again, the fact that multiple markets are still below resistance heading into an important data point (one which could well show inflation rising again) leads me to suspect bears will manage to pull out the win over the near-term and create at least "another" 3/C down ("or 3/C" on the first INDU chart).  Trade safe.

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