Hot CPI Print Puts Key Support in Play

It's do-or-die for the bulls.

Technical Edge — 

• NYSE Breadth: 41% Upside Volume 

• NASDAQ Breadth: 50% Upside Volume

• VIX: ~$27.25

Game Plan: S&P 500, Nasdaq, Oil, New Long Position 

It’s all about the reaction to the CPI report. That’s it. Today’s entire session (and maybe the rest of the week) hinges on how the market handles this number.

S&P 500 — ES 

When we’re stuck in a range, the setup can sound like a broken record. 3807-ish is holding for now. 

If we dip on the CPI print, 3740 is going to become very important. On a rally, keep an eye on 3876 (Tuesday’s high). A daily-up rotation puts 3900 in play, then 3920 to 3950. 

S&P 500 — SPY