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S&P Fucutures (ES) Hit 3900, Pull Back

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The uptrend channels are being tested, but so far, not violated. The number to watch in the 5 AM hour in New Yawk is around 3890. It's rising at about 1 point per hour.  To keep the trend intact it would need to be at 3895 or better at 10 AM ET. 

To get anything at all going on the downside, it would need to break 3885. Then there's about 20 points of air. tvc_d1f241cfb365cfd203abe0cb33818a51.png

 

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Everything is inflating except the stuff in core CPI. 

If actual housing inflation were included, CPI would be 5-6%. 

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