Beware of CPI
|S&P 500 didn‘t get far yesterday, but my leading index brought clients a dozen pts of intraday gains before it got hit too. Friday‘s momentum talked with clients before the open the same day ruled still early Monday – for now, market breadth isn‘t flashing signs of broadening. The trade talks with China aren‘t getting dramatically towards resolution, so it‘s more about describing what is happening and when vs. concrete achievements that are still very much in the making (I expect no fast breakthrough). TSLA is (very much) vulnerable to downswing here, PLTR, AAPL even NVDA are a little tired pushing higher at the moment, so the goal for the bulls is to get through the CPI tomorrow, ‘nuff said.
Considering USD move thus far and my indications regarding CPI, it looks to be at least in line with 0.2% if not 0.3% mom tomorrow (it‘d influence the dollar caption below).
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