Stocks Fade on FOMC, CPI Data

A juicy trade in MCD sets up.

Technical Edge — 

• NYSE Breadth: 37% Upside Volume 

• Advance/Decline: 47% Advance 

• VIX: ~$19

CPI was the volatility driver on Wednesday, with the FOMC as the kicker. Now we get the PPI number on Thursday before the banks on Friday. 

SPY

Textbook stuff, opening right at last week’s high and fading. Nasty bearish engulfing stick, even though the S&P fell just 0.42% on the day. 

• Upside Levels: $409.70-ish, $412, $415 to $416

• Downside Levels: 10-day ema, $405.50 to $406, $402 to $403

S&P 500 — ES