CPI In Line — But Still Elevated
by Tony Rago
CPI came in line with estimates, but it’s still elevated, and the reaction was very muted — especially considering CPI typically gives us a bigger move than PPI. Bulls need to get above some key levels today: 7,650 on ES and 29,333 on NQ. Until we see those levels reclaimed, there’s not much reason to assume buyers have taken control. With inflation, crude, and the other cross currents in play, this could be a tricky tape, especially with it being Friday.
This is one of those days where I’d rather see the opening ranges develop before making any big assumptions. Let the market show us where it wants to trade and then work from there. There may be opportunities, but there’s no need to overdo it when the backdrop is this mixed. Don’t overdo it today! Stay patient, respect the levels, and let the tape come to you. Let’s see where the opening ranges land and go from there. 💪
👉 Full breakdown is inside today’s Pre-Market Playbook.
Check it out here and trade it smart.
Until next time,
Tony
