EB Daily Market Report - Thursday, September 14, 2023

Dear Members.

Another brief update today and Tom will be back tomorrow with his regular Daily Market Report.

We've gotten through yesterday's CPI and today's PPI and so far the market seems to be satisfied with the results with all of the major indexes higher.

I mentioned yesterday that all of the major indexes were at or below some key technical levels. Well, today, they have all move back above those key technical levels. So if the gains are held into the close, that would have to be seen as bullish.

I've noticed that the VIX has cooled off a lot since it peaked at close to 19 back on August 18. Today it dipped back into the 12's, the lowest level since July 27. So trader confidence seems to be building.

The next key event will be the Fed rate decision meeting next Wednesday. We'll see if the bulls can continue to build on today's gains or if profit taking kicks in before that meeting. In the meantime keep an eye on the 4469 level on the S&P which represents the 20 day moving average. As long as that level holds, the bulls should be given the benefit of the doubt.

At your service,

John Hopkins