9/13 Recap

CPI came in hotter than expected and once again equities ignored it and took off with tech leading the way. In 2022 this would have been a nasty day down, the price action at this moment is just not bearish no matter what the Macro crowd wants to believe. Also we’re doing this with the biggest component in our markets, Apple, red the day after a pretty lackluster Iphone/watch release.

The SPY continues to do nothing, it is in the same place it was a month back. Look how it is caught up in this cluster of moving averages short and long term. We just aren’t getting anything on direction, we remain in the uptrend, but close to breaking it. Just a tough, sideways market outside of a few names.

Oil sold off a tad after the inventory numbers, todays candle looks like it may be a short term top in oil but we need to see how it closes, look how overbought the RSI is. A little cooling off is normal and we need this to go down alot to keep inflation in check. This is going to hit future CPI reports if it stays elevated.

Trends

ORCL had a really nice snap back after all those put sales and call buys yesterday, Disney as well continues to be one of the top trends and green everyday now.

Week To Date

2 Week