Notable levels from yesterdays session (Stocks & Futures)
Events
Earnings
S&P500 Thoughts
Yesterdays session was contained inside the CPI range while also moving higher EOD. This was in line with expectations while 4142 short level held price down nearly the entire day.
PPI 0.2% M/M, Exp. 0.3%
PPI Core 0.2%, Exp. 0.3%
PPI 2.3% Y/Y, Exp. 2.5%
PPI Core 3.2%. Exp. 3.3%
Initial Jobless Claims 264K vs 245K Expected
Price is currently sitting at 4157 at the time of this post. For todays session I will focus on a break below 4153 POC for move down to lows 4100s. IF price is defended I will long a break above 4170 for a move up to 4195 VAH.
There is not much upside left which I covered in detail inside the Telegram yesterday, read below.
Average earnings for S&P500 decline is accelerating and will cause pressure on stocks in the coming quarters.
Value Areas
4206 - 4304 / POC 4280
4095 - 4192 / POC 4153
3880 - 4048 / POC 3951