SPY Ends Flat Despite Hot CPI Report.

But at least AMD and NVDA chugged higher.

Technical Edge — 

• NYSE Breadth: 52% Upside Volume

• Advance/Decline: 46% Advance 

• VIX: ~$19

It takes just a few good trades a week to make a trader successful at what they do. Ringing the register a couple of times on NVDA and AMD really helped this week and so did our strong start to the week on Monday with the S&P.

Interestingly, the market just took a hotter-than-expected CPI report in stride. It pinged around in a large range, but ended flat on the day.

Yesterday, the ES faded from a key resistance area, then gave us a big doji candle. The bad news is, it’s an “indecision” bar. The good news is, a break of its range gives us something to trade. 

(Forgive my lack of charts this week. That hot CPI print + the good trades we have on the books + lack of truly high-quality setups has me sort of waiting out the market a bit to see who takes control). 

SPY

Well, well, well — look where the SPY ran into resistance. Keep this one simple, folks. 

On the upside, yesterday’s high is key at ~$415. Above that puts last week’s high in play near $416.50, but the SPY really needs to clear both of these levels if it wants a larger move to the upside — like the gap-fill up near $421. 

On the downside, the two-day low comes into play around $408.25 to $408.50 & the 10-day. That’s the line-in-the-sand for support. 

A break of this level and failure to regain it puts ~$405 back in play. 

S&P 500 — ES