CPI came in soft at 7:30, and we took it straight up. NQ ran through Tuesday’s high with its volume following it the entire way; gold printed 4502.40 with nothing left above it, and crude is the one chart that could not hold its own value. I lean long the indexes while NQ stays over 29835.
The Tape
ES opened 7791.75 Tuesday, printed 7792.50 and sold the rest of the day into a 7749.75 close, leaving its POC stranded at 7783 with value 7752 to 7786.75. Today’s session based 7748.50, built value 7750.75 to 7772.25 on a 7770 print and has run 7788 since the number. It trades 7784.25, clear of today’s value and back over 7783, the POC Tuesday abandoned. Hold 7783 and 7786.75 Tuesday’s ceiling and 7788 today’s high are the work, then 7792.25 the week’s ceiling and 7798 its high. Lose it and 7772.25 today’s value high catches, then 7770 the print and 7766.75 where the week’s value begins.
