Hello Everyone,
As is often the case following the CPI report (which came in above expectations), the market tends to get loose. Today's session began with a poke of the previous on the SPX (liquidity run) followed by a sharp selloff back near it's rising 20 day MA where willing buyers appeared taking the index back up near yesterday's close into the newly created supply zone. Ideally we get some sort of pullback (there was a newly created demand zone today) early tomorrow but anything goes with the report.
ES support 4790 and 4770 below with 4820 topside initial resistance (see updated levels in trading community).
Please take a moment to look at the trade ideas.
