The next major catalyst we’re focusing on is the Consumer Price Index (CPI) report released at 8:30 a.m. Eastern on Friday. Pay attention to this report as it gives insight into inflation and how much consumers are spending.
The market rolled over on Thursday ahead of the CPI report. We’ll see if this report pops the market back into its range or drops it further.
Depending on what happens with the CPI report, we’ll wait for the Federal Open Market Committee (FOMC) statement by Federal Chairman Jerome Powell at 2:00 p.m. Eastern on Wednesday, June 15th.
We’re continuing to focus on the structure of the S&P 500 (/ES) daily chart to the downside.
On Thursday, the /ES hit this structure and broke through major inflection points. The /ES dropped to close the day on the point of control (POC) at $4,013.50 and below the 4-hour Ichimoku Cloud.
In the video above, we’ll break down where the market could further break out of its range, define key levels on the major indexes and Volatility Index (VIX), and review our focused list setups on SHOP and AAPL.
Stay Focused!