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PPI comes in hotter than expected, too!But 10-year YIELD, after knee-jerking to 5.10% from 5.08%, is now LOWER, at 5.06%... ignoring the relatively hot PPI data, and instead, apparently still fixating on the impact of the dressdown of the AI boom.The Equity Indices initially spiked lower-- to marginal new lows for this correction- but have recovered to where they were trading just before the PPI Report. That said, my near-term pattern work argues that unless and until ES climbs and sustains above 7795, strength off this AM's marginal new corrective low at 7728.
While the market did drop to the support box I outlined as my preference in yesterday’s update, and we did rally off that as a 3rd wave normally would, we stopped short of the minimum target for a wave iii of 3, which has added some complexity to the region within which we now find ourselves.So, I was debating whether I should wait until the end of the day to do the update.
Today, we saw the market rally higher, keeping the path alive to see another higher high. However, we have since retraced back lower at a fairly key level, which is giving us further evidence that we are indeed working on the yellow wave b and will see lower levels before breaking out to new highs. On the smaller-degree timeframes, this would look better with a very small push over today's HOD to finish off the wave v of (c) of b in Ending Diagonal form, but the rejection right at the 61.
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