News:
Markets gapped higher yesterday and held those gains all day.
The Dow Jones, represented by the chart below, shows a near-perfect “spinning top” and a gap to fill underneath it.
Gaps like this typically get filled the next day or become strong support. So once again I’m waiting to see how today goes.
I’m also keeping a close eye on Bitcoin. It still looks strong as it nears the 200-day and 50-day moving averages.
Technicals:
Indicators are neutral ahead of today’s inflation data announcement…
Timing:
CPI inflation data is due out at 8:30 A.M. You can find it here: https://www.bls.gov/
Expect high year-over-year inflation and lots of headlines point out that figure. But the market already knows inflation is high…
The market will watch the month-over-month. If this figure is under 0.5% the markets should be happy.
Futures are jumpy this morning. I’m still on the sidelines.
Watchlist:
*CORZ has resistance at $11
*CPSS has support at $12.65
*SLGY has support at $6
ALJJ has support at $2.30
SBEV has resistance at $5
VIVO is on watch
CENX has support at $18
THC has resistance at $83
PFGC has support at $50
DCFC is on watch
OMC is on watch