GM and happy PPI day. Seems like the market suddenly care about several bad things that didnt matter a few days ago. Is the ai bubble over? Is the feds new inflation target 3%? Too macro for me but we got cooler weather, football, and four charts trying to scare the shit out of everybody before breakfast. I want ES back over 7751.50 and NQ over 29950 before I trust either bounce. CL is a two-way auction around 95.40, while GC has to clear 4179.90 or lose 4168.50 before I care which way either one goes. No crying in the casino.
The Tape
ES is 7744.25, trapped between the 7745 overnight POC and 7743 September POC, and I do not trust the bounce while it stays there. Wednesday ran from 7824 to 7741 and left its POC up at 7768.75, so the volume never followed the close lower. Globex could not clear 7769.50, pushed to 7729.50, and did most of its business at 7745. Reclaim 7751.50 and buyers get a shot at 7768.75, then 7778.25 where last week’s low sits. Give up 7743 and 7739.75 loses the bottom of overnight value, leaving the night low at 7729.50.
