Highlights of May 11
HIGHLIGHTS OF THE DAY
Disclaimer: Interpretation is only for informational and entertainment purposes only, not stock advice. Just opinions and reflections using economic data and technical analysis but it is never a certainty. Use it at your own discretion.
Good morning?everyone,
– Futures are down after reaching supply at 4163 overnight.
– PPI numbers were better than expected this morning but did not seem to influence many moves in the market so far.
– PPI arrived at 2.3% vs. 2.5% est. Y/Y, 0.2% vs. 0.3% M/M
– Looks to be in the same trend, with inflation improving as the supply chain stabilizes for businesses
– Jobless claims are higher than expected at 264k vs. 245k estimated.
– ES chart: same plan as yesterday pm, Wave Y down until at least 4125, could go lower into daily demand at 4080 around.
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MOMENTUM & TREND INDICATORS
(some are asset classes having an influence on equities)
USD: +0.45% ( Bull )
10Y yield: -2.61% ( Bull )
30Y yield: -2.05% ( Bull )
VIX: +4.90% ( Bear)
SVIX down ( Bear )
UVIX: higher ( Bear )
These two are to watch closely as they have a sharp influence over the VIX
The two most likely targets for the end of wave Y is either the 4125 or 4080 daily demand zone. It all depend on the momentum and how the VIX reacts when the market opens. There is a possibility price goes even lower, but I lean into 4125 as it is a very strong level.
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Cody