Hopefully, the CPI print in the morning will give the market its legs back.
That said, it also may not, and I want to point out two things here that, at least at the time of my posting this, do not impress. A strong close will remedy these, but I want to point these out before the close.
$SPY, despite an attempted rally today, has not even been able to get above the famous April ’21 gap that it closed. We opened above, sold below it, and have not been able to get above it yet since. A big gap up tomorrow will make this less relevant, but I can’t predict that with certainty.
And Apple, which has fallen from its endless channel, is below it, with the channel serving as resistance here. As with the S&P, we might gap up. But if we do not, this will be sort of grave, as it will become a rejection of the channel.
Because of these two things, I am forced to take hedges.
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