Good morning traders!
The S&P 500 ($SPY) is trading near yesterday’s close. Let’s get into it…
Stock futures are trading flat this morning after the January consumer price index (CPI) report showed that inflation grew at a 6.4% annual rate, slightly higher than what analysts had predicted. The consumer price index, which tracks changes in the prices of a wide range of everyday goods and services, rose 0.5% in the month, translating to a 6.4% increase in annual growth. That was somewhat more than economists’ predicted rises of 0.4% and 6.2%, per a Dow Jones survey. According to Peter Boockvar of Bleakley Advisory Group, his view is that the Fed is probably near the end of rate hikes and investors should focus their attention on living with higher rates instead of looking at how much higher they will go.
Long Trade Ideas:
- If the overall market continues trending higher, we may see support at the 200D Simple Moving Average around ~$411.00.
Short Trade Ideas:
- We are seeing some bearish formation signals at the top of the current trend on the $SPY, we might see profit taking from yesterday’s rally and the potential breakdown throughout the week if selling continues.
Note: Moving averages are reported from the previous trading session and will change during the next trading session.
Tuesday Economic Events:
NFIB Small Business Index 6:00am ET
CPI 8:30am ET – High Volatility Expected
Redbook Sales 8:55am ET
API Crude Oil Data 4:30pm ET
Fed Speaker Scheduled:
Tom Barkin 9:30am ET
Lorrie Logan 11:00am ET
Patrick Harker 1:00pm ET
John Williams 2:05pm ET
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