Hello Everyone,

On Tuesday (ahead to the CPI report), I mentioned to watch for a potential drop down and to not get overly bearish if price held support - basically a failed breakdown and recapture.  CPI came in hot and futures dropped down with ES testing 6020 (support) and then fought it's way back up recovering most of the losses while NQ closed slightly higher.  Today, PPI came in hot but the underlying components that feed into the PCE were lower so the market overlooked and ramped higher.  Bulls took out a previous high and now have their sights set on testing/breaking the previous highs for both SPY/QQQ.  I listed some targets just below for ES. 

ES Levels Posted in Trading Community 

ES has targets at 6195/6212 and 6238/49 Zones if breakout is established (subtract 21 points for SPX)

Here's a link to Tonight's Newsletter.

Please take a moment to look at the trade ideas.