CPI Revision

Outlook 02/09: U.S. stock futures jumped on Friday as the government said December’s inflation reading was even lower than first reported. The government revised lower its December consumer price index to just a 0.2% increase, down from a 0.3% increase first reported. Core inflation figures, excluding food and energy, were the same. Treasury yields traded lower following the release of the revised figures. January’s CPI figures are due next week. A solid earnings season, easing inflation data and a resilient economy have powered the market rally into 2024, with the SP500 up nearly 5% year to date.

/ESH24 (MAR 2024): YVAH 5019 YPOC 5015 YVAL 5001 GAP 5015.50

/ES Plan: Yesterday market closed balanced, but overnight, after CPI revision, looks more bullish, moving above previous value/range, so these're the opening and initial balance options for today:

A) If market moves above ON-VAH with bullish internals, buy towards ONH 5043 and PBT 5058.

B) If market moves below ON-VAH with bearish internals, sell towards YHOD 5020 and GAP 4015.

Note: Overnight inventory is 100% bullish. The expected action is a counter-auction; failure to see the counter-auction would be an indication of potential trend day. It's Friday and traders who have made losses that week will likely take large risks to try and end the week with a profit. Try to be calm and focus on the market rather than thinking about your account.

Market Movers

1:00 PM Baker Hughes Rig Count

1:30 PM Fed’s Logan Speech 

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