SPDR S&P 500 ETF TRUST
Panjang

Will the recent range break to the upside? CPI - the catalyst

101
The overall market absorbed another profit warning from TGT yesterday and rallied from the lows of the range. $407 held once again and we rallied up to the highs of the recent range. We already have 7 sessions within this tight range. In case of a move in either direction, we expect at least 10 points of upside/downside. As long as the CPI numbers come in lower than expected on Friday, we expect the SPY to get above $422-425. For now, one can buy the dip at the lower part of the range and sell into the resistance area.

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