It’s inflation day as consumer prices were reported and in general, they weren’t much of a shocker. Headline inflation ticked up a bit to 3.2% but this was below expectations while the month-over-month change was at 0.2% as expected. Core CPI, a number the Fed watches closely slowed to 4.7% from 4.8% while the month-over-month changed as also 0.2% as expected. In all, these numbers are slightly better than anticipated and the market is rallying on the numbers.

It will be interesting to see if the S&P 500 and Nasdaq can use the rally to clear the short-term moving averages which have been falling and acting as short-term resistance in recent sessions. This has been an interesting technical battle this week and we will update the charts and the technical signals on the Halftime Report today.

We will also report on an interesting report on Disney, unemployment claims and what sectors are benefiting the most from today’s rally so come join what is always a fun and informative hour!!!   

Chart of the Day: Nasdaq

The real story in the market right now is the technical battles playing out on major indices like the Nasdaq and S&P 500. Falling moving averages on the daily charts acting as resistance are serving to contain every intraday rally. Until this dynamic changes it is an environment to be cautious in.

Today’s line up

Traders Lounge 11 AM EST

Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.

Cashflow Club 8:30 PM EST

Held every Thursday before Friday’s option contract expirations, this show helps you perfect your favorite cashflow strategies.

Halftime Report 12:30 PM EST

The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day, and fun in a way that only the coaches at Tackle Trading can deliver.

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