We will open within yesterday’s range after a wild ride around the CPI numbers. Let the market settle in before taking any positions.
We went back to cash yesterday in our swing positions yesterday at the close, as our positions closed below the 5-day line stops and the SPX was trading below 4350 five minutes before the close, though it did manage to close above 4350 by a hair.
Key reference points today will be the swing low at 4317.25 and yesterday’s high at 4365. Anywhere in the middle, use a volume profile and/or vwap and assume responsive trade.
A.F. Thornton