EB Daily Market Report - Wednesday, July 12, 2023

Dear Members.

A brief report today and Tom will return tomorrow with his regular Daily Market Report.

Traders seemed to have liked this morning's CPI data showing inflation continues to slow with all of the major indexes moving higher.

Not surprisingly, the NASDAQ is leading the charge with both the S&P and the NASDAQ hitting their respective highest levels since April, 2022. 

Tomorrow we'll get inflation on the wholesale side when the PPI is released at 8:30 am eastern. So more economic data for traders to examine as they try to determine if the market can go higher, or not.

We now have a higher high for the bulls to aim for, 4488 on the S&P, with plenty of room to the downside before hitting key technical support with the 20 day now at 4389. So let's use those two levels for now and go from there.

At your service,

John Hopkins