Hello Everyone,
Market Comments: Big gap down this morning following the hotter than expected CPI data, however the SPX bounced off the lower trendline of the coil that Steve discussed in his Tuesday newsletter. The coil-like pattern is what we are monitoring here (see 60 min and 30 min charts). Also, whenever the market is in a range like this it's best to try and buy support and sell resistance vs chasing breakouts and breakdowns.
PPI inflation data tomorrow!
enjoy the rest of your evening,
Matt
