EB Daily Market Report - Tuesday, October 11, 2022

Dear Members.

Our Chief Market Strategist, Tom Bowley, will be back on the scene tomorrow with his regular Daily Market Report. In the meantime, a brief update.

Traders continue to be reluctant to get aggressive on the long side with all of the major indexes in the red and with the S&P and the NASDAQ both hitting 52 week lows.

The continued volatility and absence of buyers comes ahead of tomorrow's PPI report and release of the minutes from the most recent FOMC meeting. Then, CPI on Thursday and Retail Sales on Friday. The results of the upcoming reports and Fed minutes are almost guaranteed to have a major impact on near term trading. We could see new fresh 52 week lows or we could see a major rally, all dependent on how traders interpret the data. So for those who are risk adverse, not a bad time to lay low.

Today's low of 3568 on the S&P is now new price support with today's high of 3640 the first level that will need to be cleared for stocks to move higher. In the meantime, the bears continue to have the upper hand at the moment so lets continue to tread lightly

At your service,

John Hopkins