In this video, we look at today’s continued push higher, almost back to 4000 on the ES. We have moved over 170 points since Monday as we get ready for the CPI report tomorrow. Obviously, the market is anticipating a better than expected CPI number and this could really get us moving higher if it happens. If we get a surprise higher number, we better watch out on the downside. We look at charts and go over levels and what to expect.
There was a reason we have been targeting the ES & SPX levels. The idea was a return to balance. The day has come and the initial target achieved. I’ll lay out a plan going forward given the fact that there is still data ahead both tomorrow and Friday.
It’s always fascinating to see how technical levels can line up with fundamental reports. The most recent example is seen through both the S&P futures and SPX. Let’s review where and what those are, and what they might mean into tomorrow.
What is working as we start 2023? 1) Sticking with daytrading and 2) Focusing on volume and volatility levels. In fact, it is imperative we continue to put more emphasis on measuring volatility in our trading plan.
