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Mike Paulenoff

ES, TLT React Positively to CPI Report

Bottom Line: The markets LIKED what they saw in this AM's CPI Report, but now we turn our attention to the Fed later today, which will determine if this AM's post-CPI gains hold, extend, or reverse...Below are the updated charts I posted earlier this AM that show the positive reaction to the CPI report...(FinancialJuice)According to Barrons:Analyzing the DataHere's a recap of the numbers:Headline CPI increased by 3.3% year over year in May vs. 3.4% expected by economists, according to FactSet.The index was flat month over month vs. 0.1% growth expected.Core CPI increased by 3.

Market Still Grinding Higher As The Pattern Fills Out

Today we saw both the SPX and the Nasdaq grind back to new highs on what counts best as an extension of the wave (c) of the larger wave b. Bigger picture nothing significant has changed on the charts or counts as we push to new highs I will note that this push to new highs has allowed the count to reset which will allow for a new and potentially cleaner five-wave start to the next leg down.

Still Looking Higher - Market Analysis for Jun 11th, 2024

While we have nominally broken below yesterday's low, the structure in the SPX still suggests that at least one more higher high can be seen.  And, even though the IWM is attempting to dispel me of that expectation, I have to present what the SPX is showing to me.Overall, nothing has really changed.  I am still expecting that we rally to at least the 1.

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