CPI at 8:30 and with it probably a large move. Best to wait and see how the dust settles. A move down after a pop up likely gets us to the daily and weekly BB area - 3530-3500. A pop above the green channel and hold would be bullish, but we would have to wait for a 4 hr close to make sure it's not a bulltrap. I have no idea which may happen but I would nibble if we got to 3530-3500 today or tomorrow. Good luck!
Nota
If they get under 356 on spy there's something wrong. I don't expect it but you never know with this crazy market. Daily structure to me looks complete and the structure has held. Going to do some errands - good luckNota
At lunch I just looked at the Emini futures chart and it DID NOT break out of the channel - be very careful going long here. As I said, under 356 on spy and something is wrong. Going to wait and see what happens. Very possible this is a C leg of the 4th wave and we have one more low to go into next week. I don't know for sure and I don't trust the market yet. Nota
ES has gotten to 3700 area, and although we may not close above it, it looks like a legit breakout of the previous channel. As of now I expect something like this. Tomorrow may sell, but I would think at this point any pullbacks will get bought. Again, if SPY gets under 356 next week, there will be another leg down but as of now I'm not seeing that happening.
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