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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.
In Case You Missed It… (See below for a link to Ryan's monthly public Crypto webinar)NDX sold down 5.5% this week. SPX sold down 2%. IWM sold down 3%. And the Dow 30 was up 0.5%. Tech stocks were clearly at the epicenter of the sell-off, a lot of which happened on Friday. Friday was also a monthly options expiration date. Volume was near average this week with very low volume to start the week and high volume to end the week.
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.
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