#US30 #DailyReview #DailyOutlook
CPI release for today was lower than expected which means that the price of goods has come down a bit. This is implying that something the Feds and the government is doing is working (questionable still).
8:30am
USD
Core CPI m/m
0.2% 0.3% 0.3%
USD
CPI m/m
0.0% 0.1% 0.4%
USD
CPI y/y
3.2% 3.3% 3.7%
We have PPI and Retail sales tomorrow. Then Thursday we will have Unemployment Claims so that will definitely move the markets on those days for sure. The number 1 setup played out: main goal is the PWH for an initial upside move. This was taken out and still expecting a push high as we use the break above the W-FVG(MP) at 34300.6 to take us higher.
#1 Because we closed so high up on news my initial thought is for a LTF pullback but given that the PPI is tomorrow we may stall until the release. Either way we have the PDH and PWH from the 9/11/23 & 8/28/23 and a W-OB (not drawn) above us. Once the PPI release happens, all bets are off and the market will do as it pleases.
#2 Selling for now isn't an option at the moment but taking the sell into the $ or 4H+FVG on the lower time frame may be a move on the 15m chart and below.
4H chart
CPI release for today was lower than expected which means that the price of goods has come down a bit. This is implying that something the Feds and the government is doing is working (questionable still).
8:30am
USD
Core CPI m/m
0.2% 0.3% 0.3%
USD
CPI m/m
0.0% 0.1% 0.4%
USD
CPI y/y
3.2% 3.3% 3.7%
We have PPI and Retail sales tomorrow. Then Thursday we will have Unemployment Claims so that will definitely move the markets on those days for sure. The number 1 setup played out: main goal is the PWH for an initial upside move. This was taken out and still expecting a push high as we use the break above the W-FVG(MP) at 34300.6 to take us higher.
#1 Because we closed so high up on news my initial thought is for a LTF pullback but given that the PPI is tomorrow we may stall until the release. Either way we have the PDH and PWH from the 9/11/23 & 8/28/23 and a W-OB (not drawn) above us. Once the PPI release happens, all bets are off and the market will do as it pleases.
#2 Selling for now isn't an option at the moment but taking the sell into the $ or 4H+FVG on the lower time frame may be a move on the 15m chart and below.
4H chart
