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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.
Today, we saw the market pull back relatively sharply after trading sideways for the better part of the last five trading sessions. While the pullback itself was not entirely unexpected, the velocity of the decline likely caught the attention of many traders after the market had seemingly put everyone to sleep over the past week.The question we now have at hand is whether this pullback marks the beginning of a larger corrective move to the downside or whether we are getting closer to finding yet another local bottom before making another push to new highs.
I posted this in the room earlier, and wanted to put it out to everyone, since there is still some risk of which you should be aware:"I want to show you the one thing that is making me hold my hedges for now. Until we get back over 89.72 and without a CLEAR 5 wave decline completion, there is potential for a (i)(ii) downside structure for the yellow count. So, there is still some risk here you need to be aware of. Getting back over 89.
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