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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.
If you read my analysis over the weekend, you would know that I was watching the rally off Friday’s low very carefully to see if we get any clues that the market may still try to reach higher highs, as per the blue alternative count.Most specifically, we were seeking a reasonable 5-wave structure off the low. And, the futures seem to have provided us with that structure in the after hours market into the overnight session on Sunday night. I have included that wave count on the 3-minute ES chart attached.
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