Update: Leading Indicators is out today at 10:00 am.  Consumer Sentiment is next week.

The Precise Take – Markets flat after CPI

Big Picture Analysis - Yesterday’s Philly Fed beat cleared the way for the bulls to add to their positions, tacking on some impressive gains for the day.  Though not the most likely scenario, we are on alert for an expanding terminal top, given the elevated daily range and price pattern on the daily chart of the ES.  However, more likely is some consolidation and a launch higher, with 1350 serving as strong support.   Ahead of the three day weekend, today is options expiration, which has bearish seasonality early and bullish seasonality late.  However, Consumer Sentiment today at 9:55 am could end up driving the markets if it comes out of consensus, which it often does.

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